Análisis de Documentos Técnicos en SEO
Análisis de Documentos Técnicos en SEO
FF• BPQOR@QRO>•@BIRI>O
B• EFPQLOF>• BSLIRQFS>• 04
Je_nkknc]n
/5
? \ k ~op gj •/ • E • Qi• ]m` q`•qd\ e` •k j m•`g• h p i _ j •h d^mj ] d\ i j • /6
E• H = • R EO EK J • @ A• HK • I Q U • p]jpa•_kik•ah•]qiajpk•ao•h]•naokhq_eÅj)•lnklea`]`•mqa•
laniepa•k^oanr]n•`ko•lqjpko• ]`u]_ajpao• _kik•lqjpko•
LAMQAzK
oal]n]`ko+• >qjmqa• ah• ]qiajpk• oa• lqa`a• ej_naiajp]n•
ln|_pe_]iajpa•oej•h~iepa)•jk•k_qnna•hk•ieoik•_kj•h]•na*
A ao`a• ah• lqjpk• `a• reop]• deopÅne_k)• h]• _eaj_e]• `a• h]•
ie_nk^ekhkc~]•bhkna_eÅ•_q]j`k•bqa•lkoe^ha•ran•]•hko•
ie_nkknc]jeoiko+• Bj•kpn]o•l]h]^n]o)•ah•`ao]nnkhhk•`a•h]•
okhq_eÅj)•mqa•aop|•`apaniej]`]•lkn•h]o•lnklea`]`ao•b~oe*
_]o•`a•h]•hqv+•Mkn•p]jpk)•h]•naokhq_eÅj)•u•jk•ah•]qiajpk)•ao•
ie_nk^ekhkc~]•bqa•l]n]hahk•]h•`a•h]•ie_nko_kl~]+•Bopk•ao• hk•mqa•aj•Çhpeik•p}niejk•i]n_]•hko•h~iepao•`a•hk•mqa•oa•
l]npe_qh]niajpa• ]lnkle]`k• aj•hk• mqa•naola_p]•]h• pai]• lqa`a•ran•aj•qj•ie_nko_klek+
lnej_el]h•`a•aopa•_]l~pqhk)•h]•`eranoe`]`•ie_nk^e]j]+•Bh• Fje_e]iko•aop]•lnaoajp]_eÅj•_kj•ah•ie_nko_klek•Ål*
ie_nko_klek• ao• ah• ejopnqiajpk• ie_nk^ekhÅce_k• i|o• pe_k)•_quko•h~iepao•`a•naokhq_eÅj•aop|j•aj•]lnktei]`]*
eilknp]jpa8• ah• aopq`ek• `a• h]• ie_nk^ekhkc~]• namqeana• iajpa• -)/• åti• %qj• ie_nkiapna• amqer]ha• ]• .-x3• i &• u•
]hcqjko• _kjk_eieajpko• ok^na• _Åik• bqj_ekj]j•hko• ie* `ao_ne^enaiko•i|o•]`ah]jpa•ah•ie_nko_klek•aha_pnÅje_k)•
_nko_kleko•u•_eanp]o•jk_ekjao•`a•ie_nko_kl~]+•@kiajv]* mqa•ao•_]l]v•`a•]qiajp]n•]lnktei]`]iajpa•.+---•ra_ao•
naiko• jqaopnk• ^nara• re]fa• lkn• ah• iqj`k• ie_nk^e]jk• ah•h~iepa•`ah•lk`an•`a•naokhq_eÅj•`ah•ie_nko_klek•Ålpe_k+
_kjoe`an]j`k•lneiank•hko•`ebanajpao•pelko•`a•ie_nko_k*
leko•u•h]•]lhe_]_eÅj•`a•hko•lnej_eleko•`a•ie_nko_kl~]•mqa• ?d• e a[jgk[ghag•{ h la[ g • [ge h m]klg
jko•laniepaj•k^oanr]n•hko•ie_nkknc]jeoiko+ Bh•ie_nko_klek•Ålpe_k•qo]•h]•hqv•reoe^ha•l]n]•ehqiej]n•h]o•
aopnq_pqn]o•_ahqh]nao+•Bj•ie_nk^ekhkc~]•oa•qpehev]j•r]neko•
pelko•`a•ie_nko_kleko•Ålpe_ko7•`a•[Yehg [dYjg( [gfljYkl]•
%F P & B p i _ \ h ` i oj n • _ ` • h d^mj n^j k ~\ • \] ^Yk]k( [Yehg gk[mjg•u•^dmgj]k[]f[aY*
Å k od^ \ @kj•ah•ie_nko_klek•`a•_]ilk•_h]nk•h]o•iqaopn]o•oa•re*
oq]hev]j•cn]_e]o•]•h]o•`ebanaj_e]o•`a•_kjpn]opa•ajpna•ahh]o•u•
Iko•ie_nkknc]jeoiko•oa•lqa`aj•reoq]hev]n•qpehev]j`k•qj• ah•ia`ek•mqa•h]o•nk`a])•u•aop]o•`ebanaj_e]o•oa•lnk`q_aj•
ie_nko_klek•zhla[g•k•qj•ie_nko_klek•]d][ljzfa[g*•Bj•ca* lknmqa•h]o•_}hqh]o•]^okn^aj•k•`eolano]j•h]•hqv•aj•`ebanaj*
jan]h)•ah•ie_nko_klek•Ålpe_k•oa•qo]•l]n]•k^oanr]n•_}hqh]o• pao•cn]`ko+•Bh•ie_nko_klek•`a•bkj`k•_h]nk•ao•ah•mqa•caja*
ejp]_p]o•]•nah]per]iajpa•^]fko•]qiajpko)•ieajpn]o•mqa•ah• n]hiajpa• oa• ailha]• aj• _qnoko• ^|oe_ko• `a• ^ekhkc~]• u•
ie_nko_klek•aha_pnÅje_k•oa•ailha]•l]n]•k^oanr]n•aopnq_* ie_nk^ekhkc~]•u•oa•_kilkja•`a•`ko•oaneao•`a•hajpao•%hajpao•
pqn]o• ejpanj]o• k• `ap]hhao• oqlanbe_e]hao• `a• h]o• _}hqh]o• ]• `ah•k^faperk•u•hajpao•`ah•k_qh]n&•mqa•bqj_ekj]j•_kjfqjp]*
cn]j`ao•]qiajpko+ iajpa•l]n]•lnk`q_en•h]•ei]caj+•I]•bqajpa•`a•hqv•oa•ajbk_]•
Qk`ko•hko•ie_nko_kleko•qpehev]j•hajpao•l]n]•]qiajp]n• ok^na•h]•iqaopn]•lkn•qj]•pan_an]•hajpa•hh]i]`]•hajpa•`ah•
ah•p]i]Äk•`a•qj]•_}hqh])•`a•ik`k•mqa•oa•lqa`]j•k^oan* _kj`ajo]`kn•%B db p m\ •/ +. &+•Jq_d]o•_}hqh]o•^]_pane]j]o•okj•
r]n•oqo•`ap]hhao•aopnq_pqn]hao+•Pej•ai^]nck)•p]j•eilkn* `eb~_ehao•`a•k^oanr]n•`a^e`k•]•oq•b]hp]•`a•_kjpn]opa•_kj•ah
; m e ] f lg • L ] [ g jja\ g •\ ] • dY• dm r
=gf\]fkY\gj
>akhgkalang•\]•]f^gim]
â•F]fl]•[gf\]fkY\gjY•
'•@m]fl]•]eakgjY•\]•dmr
ajpknjk+•Iko•ie_nkknc]jeoiko•leciajp]`ko•okj•qj]•at* @kik•oa•d]•ej`e_]`k)•h]•i|tei]•naokhq_eÅj•]h_]jv]*•
_al_eÅj)•lqao•oq•_khkn•]Ä]`a•_kjpn]opa•u•iafkn]•h]•reoq]*• ^ha• aj• qj• ie_nko_klek• Ålpe_k• _kilqaopk• ao• `a• qjko
hev]_eÅj•`a•h]o•_}hqh]o• #@a_mjY• - )- $)• Bj•ah•_]ok•`a•_}hqh]o• -)/•fpi+•Bopk•oecjebe_]•mqa•`ko•k^fapko•mqa•aop}j•i|o•lnÅ*
oej•leciajpko•d]u•r]neko•ik`ko•`a•]qiajp]n•ah•_kjpn]opa+• teiko•mqa•ao]•`eop]j_e]•jk•lk`n|j•ranoa•_kik•ajpe`]`ao•
Bopq`e]naiko•aopko•i}pk`ko•aj•h]•oecqeajpa•oa__eÅj+ `eopejp]o•u •oal]n]`]o+• I]•i]ukn~]•`a•hko• ie_nko_kleko•
qpehev]`ko•aj•ie_nk^ekhkc~]•lkoaaj•k_qh]nao•mqa•]qiaj*
; m e ] f lg • q • j]kgdm[a{f p]j• .-*.2•ra_ao•u•k^faperko•mqa•]qiajp]j• .-*.--•ra_ao•
Bh•]qiajpk•pkp]h•`a•qj•ie_nko_klek•_kilqaopk•ao•ah•lnk* %Cecqn]•/+.3&+•@kj•]qiajpko•`a•.+---•ra_ao)•hko•k^fapko•
`q_pk•`ah•]qiajpk•`a^e`k•]•h]•hajpa•`ah•k^faperk•lkn•ah•]q* `a•-)/•ji•`a•`e|iapnk•lqa`aj•]lna_e]noa•_kj•`ebe_qhp]`+•
iajpk•`a•h]•hajpa•`ah•k_qh]n•%Cecqn]•/+.•Z %*•>qiajpko•`a• @kj•hajpao•`a•k^faperk•`a• .--•]qiajpko)•u•_kj•kpn]o•`a•
qj]o• .+2--•ra_ao•aop|j•_an_]jko•]h•h~iepa•oqlanekn•u•lkn• ]lanpqn]•jqi}ne_]•iqu•ahar]`])•oa•ailha]•]_aepa•`a•ej*
aj_ei]•`a•aopa•r]hkn•h]•naokhq_eÅj•jk•iafkn]+•I]•naokhq* ianoeÅj•l]n]•mqa•jk•ateop]•]ena•ajpna•h]•lnal]n]_eÅj•u•h]•
_eÅj•`alaj`a•`a•h]•hkjcepq`•`a•kj`]•`a•h]•hqv•qpehev]`]•u• hajpa•k^faperk+•Bop]o•hajpao•oa•`ajkiej]j•gZb]langk \] af)
`a•qj]•_]n]_pan~ope_]•lnkle]•`a•h]•hajpa•`ah•k^faperk•`ajk* e]jkazf*• Bh• ]_aepa• `a• ejianoeÅj• oa• qpehev]• lknmqa• ]q*
iej]`]•Yh]jlmjY fmewja[Y• %qj]•ia`e`]•`a•h]•_]l]_e`]`• iajp]•h]•_]l]_e`]`•`a•_]lp]_eÅj•`a•h]•hqv•lkn•h]•hajpa)•
`a•_]lp]_eÅj•`a•h]•hqv•lkn•h]•hajpa&+•Bteopa•qj]•_knnah]_eÅj• laniepeaj`k•mqa•hko•n]uko•mqa•aiancaj•`a•h]•iqaopn]•_kj•
ajpna•h]•_]l]_e`]`•`a•]qiajpk•`a•qj]•hajpa•u•oq•]lanpqn]• cn]j•|jcqhk•%u•mqa•oa•lan`an~]j•`a•kpnk•ik`k•oej•ajpn]n•
jqi}ne_]7•h]o•hajpao•`a•i]ukn•]qiajpk•lkoaaj•cajan]h* aj•h]•hajpa•k^faperk&•lqa`]j•oan•_]lp]`ko•u•lan_e^e`ko+
iajpa•i]uknao•]lanpqn]o•jqi}ne_]o•%h]•]lanpqn]•jqi}*
ne_]•`a•qj]•hajpa•oa•oqaha•i]n_]n•aj•ahh]•]h•h]`k•`a•oq• - ), • G a f aj j ] n ak a{ f
]qiajpk&+• Bh•`e|iapnk•`ah• k^fapk•i|o•lamqaÄk• mqa•oa•
lqa`a•naokhran•ao•ecq]h•]•-)2•>,]lanpqn]•jqi}ne_])•`kj`a• Hjn•h d^mjn^jkdjn•nji•`n`i^d\g`n•`i• gjn•`nop_djn•
S•nalnaoajp]•h]•hkjcepq`•`a•kj`]•`a•h]•hqv•ailha]`]+•Mkn• h d^mj]djgÅbd^jn+•Ag•h d^mjn^jkdj•_ ` •^\h kj•^g\mj•`h kg`\•
aop]•n]vÅj)•h]•naokhq_eÅj•]qiajp]•_q]j`k•oa•qo]•hqv•]vqh• pi\•n`md`•_`•g`io`n•k\m\•\ph `io\m•u•m`njgq`m•g\•dh\b`i•
l]n]•ehqiej]n•h]•iqaopn]•%h]•hqv•]vqh•peaja•qj]•hkjcepq`• E • @ `adi\•` g•o} mh dij•m`njgp^dÅi
`a•kj`]•i|o•lamqaÄ]•mqa•h]•hqv•^h]j_]•k•nkf]&•u •_q]j`k•
h]•hajpa•k^faperk•peaja•qj]•]lanpqn]•jqi}ne_]•iqu•]hp]+• E • ç?p|g•`n•` g•g~h do`•npk `mdjm•_` •\ ph `ioj•_ ` •pi•
Jq_dko•ie_nko_kleko•Ålpe_ko•`eolkjaj•`a•qj•behpnk•]vqh• h d^mjn^jkdj•_ ` •aj i _ j •^g\mj<•ç?p|g• `n•g\• ^\pn\•_ ` •`noj<
ok^na•h]•hajpa•`ah•_kj`ajo]`kn•l]n]•iafkn]n•h]•naokhq_eÅj+
/+/• I ` ej m\ • t • \ ep n o` • _ ` g• ^ j i om\ n o` •
`i• h d^ mj n ^ j k ~\ • Å k od^ \
I]•iafkn]•`ah•_kjpn]opa•iafkn]•h]•ei]caj•bej]h•k^oanr]`]•
lkn•ie_nko_kl~]+•I]•pej_eÅj•ao•qj•i}pk`k•oaj_ehhk•`a•]q*
iajp]n•ah•_kjpn]opa)•lank•ateopaj•p]i^e}j•kpnko•i}pk`ko+
Pdi^dÅi•_`g•amjodn)•
ade\_j•\•g\•gg\h\)•^ji•
^mdno\g•qdjg`o\•_pm\io`•
N`npgo\_j7 Ö • hdipoj
Aso`indÅi•_`•pi\•adi\•^\k\•_`• Pj_\n•g\n•^}gpg\n•
hp`nom\•nj]m`•`g•kjmo\j]e`ojn n`•odÄ`i•_`•^jgjm•
qdjg`o\
E+• L m`k \m\ ^dÅ i•_ ` •pi•amj odn
=_d^dÅi•_`•g\•
t njgp^dÅi
i
N`npgo\_j7 tj_j*tj_pm\_\•_`•
************ Pj_\n•g\n•
^}gpg\n
a Hpbjg•_pm\io`•.•
hdipoj
k`mh\i`^`i•_`•
^jgjm•qdjg`o\
Bde\^dÅi•kjm•ag\h`\_j =_d^dÅi•_`•^jgjm\io`8
_`g•kjmo\j]e`ojn \q\m•t•n`^\m L \nj•0 @`^jgjm\^dÅi•]m`q`•
EE+• B de\ ^dÅi•k j m•^ \ gj m•t •odi ^ dÅ i ^ji•\g^jcjg•
N`npgo\_j7 %\gm`_`_jm•_`•ŌÕ!
H\n•^}gpg\n•
bm\hkjndodq\n• a n`bpi_jn&
k`mh\i`^`i•_`•
^jgjm•qdjg`o\•t•g\n•
bm\hi`b\odq\n•n`•
_`^jgjm\i
qj•_khkn]jpa•u •oa•i]jpeaja•`qn]jpa•qjk•k•`ko•iejqpko8•]•
_kjpejq]_eÅj•oa•h]r]•r]ne]o•ra_ao•_kj•]cq]•u •oa•oa_]+•Aa*
^e`k•]•mqa•h]o•_}hqh]o•okj•iqu•lamqaÄ]o)•aopa•pelk•`a•lna*
l]n]_eÅj•oqaha•k^oanr]noa•_kj•]_aepa•`a•ejianoeÅj•aj•h]•
hajpa•k^faperk+
/+0• Eh \ b ` i • omd_ dh ` i n dj i \ g•
_ ` • g\n• ^}gpg\n
E]op]• ]dkn]• daiko• _kjoe`an]`k•pelko• `a•ie_nko_kl~]•
mqa•lnklkn_ekj]j• ei|cajao• ^e`eiajoekj]hao+• Pej• ai*
^]nck)•aop]•heiep]_eÅj•lqa`a•oan•oqlan]`]+•Bj•h]•oecqeajpa•
oa__eÅj•ranaiko•mqa•ah•ie_nko_klek•aha_pnÅje_k•`a•^]*
nne`k•kbna_a•qj]•okhq_eÅj•]•aopa•lnk^hai])•lank•]dkn]•
_kjoe`an]naiko•]hcqj]o• bkni]o•`a•ie_nko_kl~]•Ålpe_]•
mqa•p]i^e}j•lqa`aj•d]_anhk+
o E M av e a
!i < M " # !• : "• Ä ê "ê ( "
$ ; • +• ' Ü • Ü• ;õÜ*• ê3 *• ) • n * + • .• õ• e
`ebanajpao•_]l]o•oa•lqa`aj•]hi]_aj]n•u •hqack•oqlanlk*
jan•`ecep]hiajpa•l]n]•na_kjopnqen•h]•ei]caj•pne`eiajoek*
j]h•`a•h]•iqaopn]•_kilhap]•%Cecqn]•/+5]&+
I]•ie_nko_kl~]•_kjbk_]h•peaja•qj•qok•iqu•atpaj`e`k•
aj•a_khkc~]•ie_nk^e]j])•aola_e]hiajpa•aj•h]•e`ajpebe_]*
_eÅj•`a•h]o•lk^h]_ekjao•_ahqh]nao•behkcaj}pe_]iajpa•`eo*
pejp]o• mqa• aop|j• lnaoajpao• aj•qj• d|^ep]p• `apaniej]`k•
%Cecqn]• .+23&• k•l]n]• `apaniej]n•hko• `ebanajpao• _kilk*
jajpao•`a•qj•d|^ep]p•aopnq_pqn]`k•_kik•qj•^ekbehi•%Ce*
cqn]•/+5]&+•Pq•qpehe`]`•oa•atpeaj`a•]•_q]hmqean•oepq]_eÅj•
mqa•namqean]•at]iej]n•aj•lnkbqj`e`]`•iqaopn]o•`a•nah]*
perk•aolaokn•aj•_q]jpk•]•oq•_kjpaje`k•ie_nk^e]jk+
- ) . • G a f aj j ] n ak a{ f
Ą• Ą• ggg+• Õ • Ġ• + • ȚĤĦĈ
h- gP )
Ñ ^ • j • j ' ê ! á • á• 8
g 1*<• çO• 8- • K• q• 6
J âÉ • jñ• L • r• p ' • o• ! C•
B db p m\ •/ +. - +• Id^mjbm\a~\n•`g`^omÅid^\n)• %\&•Id^mjbm\a~\•_`•pi•^jmo`•pgom\adij•_`•g\•]\^o`md\•bm\hkjndodq\•<WY_bbki•ikXj_b_i•`i•a\n`•_`•
_dqdndÅi)•ojh\_\•^ji•pi•h d^mjn^jkdj•`g`^omÅid^j•_`•om\inhdndÅi+•H\•m`bdÅi•^g\m\•^`iom\g•^jmm`nkji_`•\g•@J=•lp`•ajmh\•`g• ip^g`jd_`+•
?\_\•^}gpg\•od`i`•pi•_d|h`omj•\kmjsdh\_j•_`•-)5•esh+•%]&•Eh\b`i•\g•hd^mjn^jkdj•`g`^omÅid^j•_`•om\inhdndÅi•_`•hjg}^pg\n•_`•
c`hjbgj]di\•_`g•bpn\ij•h\mdij•H[h[_i•l_h[di•^ji•odi^dÅi•i`b\odq\+•?\_\•hjg}^pg\•_`•ajmh\•c`s\bji\g•od`i`•pijn•/2•i\iÅh`omjn•
_`•_d|h`omj•t•^jno\•_`•_jn•\idggjn•^dm^pg\m`n•`i•ajmh\•_`•_jipo+•%^&•?}gpg\n•_`•g\•]\^o`md\•ajoÅomja\•L^eZel_Xh_e•ieZec[di_i•kjm•
hd^mjn^jk~\•`g`^omÅid^\•_`•]\mmd_j+•?\_\•^}gpg\•od`i`•pi\•\i^cpm\•_`•pijn•-)42•vsh+
at_ahajpa+•>`ai|o)•laniepa•k^pajan•qj•]ilhek•n]jck•`a• jk•iafkn]j•h]•naokhq_eÅj•`a•h]•ie_nkcn]b~])•mqa•`alaj`a•
]qiajpko)• `ao`a• .2• d]op]• .--+---•ra_ao)• lank• oÅhk• oa• `a•hko•]qiajpko•hkcn]`ko•aj•h]•ie_nkcn]b~]•knecej]h+
lqa`a•ran•h]•oqlanbe_ea•`a•hko•k^fapko+
I]o•ie_nkcn]b~]o•aha_pnÅje_]o•pki]`]o•lkn•ah•ie_nko* - ) / • G a f aj j ] n ak a{ f
_klek•aha_pnÅje_k•`a•pn]joieoeÅj•k•lkn•ah•`a•^]nne`k•lnk*
lkn_ekj]j•ei|cajao•aj•^h]j_k•u •jacnk+•> •aop]o•ei|cajao• Hjn•h d^mjn^jkdjn•`g`^omÅid^jn•od`i `i•h p^cj•h|n•k j_` m•
oa•hao•lqa`a•]Ä]`en•qj•b]hok•_khkn•]`e_ekj]h•i]jelqh]j`k• _`•m`njgp^dÅi•lp`•gjn•h d^mjn^jkdjn•Åk od^jn)•gg`b\i_j•
h]o•ie_nkcn]b~]o•aj•qj]•_kilqp]`kn]+•Mank•aopko•_khknao c\no\•g~h do`n•_ ` •m`njgp^dÅi•_ ` •-)/•ih+• Asdno`i•_jn•odkjn
? \ k ~op gj •/ • E • Qi• ]m` q`•qd\ e` •k j m•`g• h p i _ j •h d^mj ] d\ i j • 04
/+2• A g` h ` i oj n • ` n omp ^ op m\ g` n •
bqanv]j•lkn•ia`ek• `a• ikh}_qh]o• _kj•bqj_ekjao• `a•ok*
_ ` • g\n• ^}gpg\n•t • _ ` • gjn•q dmp n lknpa•k•]j`]ie]fa)•hk_]hev]`]o•`ajpnk•`ah•_epklh]oi])•mqa•
Qk`]o•h]o•_}hqh]o•peajaj•iq_dk•aj•_kiÇj•u•_kil]npaj• bkni]j•ah•[alg]kim]d]lg*
iq_dko•_kilkjajpao+•@kik•reiko•aj•ah•@]l~pqhk•.)•pk*
`]o•ahh]o•lkoaaj•qj]•^]nnan]•`a•lania]^ehe`]`•hh]i]`]• = xdmdYk• hjg[Yja{la[Yk•q•]m[Yja{la[Yk
h]•XPXM]LYL•NT_Z[WL^Xi_TNL•mqa•oal]n]•ah•ejpanekn•_a* Rj•]j|heoeo•`ap]hh]`k•`a•h]•aopnq_pqn]•_ahqh]n•ejpanj]•u•`a•
hqh]n•k• NT_Z[WL^XL•`ah• ia`ek• atpanjk• 8TR`]L• /+..&+• kpn]o•lnklea`]`ao•laniepa•`ebanaj_e]n•`ko•pelko•`a•_}hq*
Iko• lnej_el]hao• _kilkjajpao• `eoqahpko• aj• ah• _epk* h]o7•h]•lnk_]neÅpe_]•u•h]•aq_]neÅpe_]•%Cecqn]•/+..•u•8TR`]L
lh]oi]•okj•i]_nkikh}_qh]o)•lamqaÄ]o•ikh}_qh]o•kn* '$&' $•I]o•aq_]neÅpe_]o•peajaj•oq•AK>•aj•qj•YnNWPZ•nk*
c|je_]o•%ok^na•pk`k•lna_qnokn]o• `a•i]_nkikh}_qh]o&)• `a]`k•`a•iai^n]j]•u•okj•lkn•hk•cajan]h•i|o•cn]j`ao•u•
`eranoko•ekjao•ejknc|je_ko•u•]TMZ^ZXL^"•mqa•okj•h]o•ao* `a•aopnq_pqn]•i|o•_kilhaf]•mqa•h]o•_}hqh]o•lnk_]neÅpe_]o+•
pnq_pqn]o•`a•h]•_}hqh]•`kj`a•oa•oejpapev]j•h]o•lnkpa~j]o+• Bj•h]o•aq_]neÅpe_]o•hko• eilknp]jpao•lnk_aoko•`a•pn]jo*
Iko• ne^koki]o• ejpan]__ekj]j• _kj• lnkpa~j]o• `ah• _epk* _nel_eÅj•u •pn]`q__eÅj•$nwYk]•Cecqn]•.+1&•aop|j•`ere`e`ko8•
lh]oi]•u•_kj•hko•OK>•iajo]fanko•u •`a•pn]jobanaj_e]•aj• h]•pn]jo_nel_eÅj•k_qnna•aj•ah•jÇ_hak•u•h]•pn]`q__eÅj•aj•ah•
ah•lnk_aok•aoaj_e]h•`a•h]•o~jpaoeo•lnkpae_]•%pn]`q__eÅj&• _epklh]oi]+•Iko•ie_nkknc]jeoiko•aq_]neÅpe_ko•okj•h]o•]h*
$nwYk]•Cecqn]• .+1&+ c]o)• hko•dkjcko•u •hko•lnkpkvkko+• Qk`ko•hko• knc]jeoiko•
I]•[L]PO•NPW`WL]•lnklkn_ekj]•nece`av•aopnq_pqn]h•]•h]• lhqne_ahqh]nao•`a•h]o•lh]jp]o•u •hko•]jei]hao•aop|j•bkni]*
_}hqh]+• Bo•nah]per]iajpa•lania]^ha•u• aop|• oepq]`]•lkn• `ko•lkn•_}hqh]o•aq_]neÅpe_]o+•I]o•_}hqh]o•aq_]neÅpe_]o•oa•
bqan]•`a•h]•iai^n]j]•_epklh|oie_]•%Cecqn]•/+.•WL "•_kjo* pn]p]n|j•_kj•i|o•`ap]hha•aj•ah•@]l~pqhk•.5+
pepquaj`k•qj]•_]l]•iq_dk•i|o•bqanpa•mqa•h]•iai^n]j]+• Rj]•_]n]_pan~ope_]•`ebanaj_e]h•`a•h]o•_}hqh]o•aq_]neÅpe*
I]o•_}hqh]o•racap]hao•u•h]o•`a•h]•i]ukn~]•`a•hko•ie_nkkn* _]o•ao•h]•lnaoaj_e]•`a•aopnq_pqn]o•hh]i]`]o•Z]RiY`WZ^•
c]jeoiko•lnaoajp]j•l]na`ao•_ahqh]nao)•ieajpn]o•mqa•h]o• mqa•aop|j•heiep]`]o•lkn•iai^n]j]o+•Iko•knc|jqhko•_ki*
_}hqh]o•]jei]hao)•_kj•n]n]o•at_al_ekjao)• jk•h]o•lnaoaj* lnaj`aj•ah•jÇ_hak)•h]o•iepk_kj`ne]o•u•hko•_hknklh]opko•%ao*
p]j+•Bj•rav•`a•l]na`•_ahqh]n)•h]o•_}hqh]o•]jei]hao•oa•na* pko•Çhpeiko•lnaoajpao•oÅhk•aj•h]o•_}hqh]o•bkpkoejp}pe_]o&
05• Q J E@ = @ • .• E • L mdi^dk dj n•_ ` • h d^ mj ] dj gj b ~\
?}gpg\•_`•g`q\_pm\•%?kaWhoW&
Ħ Ŕ •I+h•_`•_d| h ` omj[[[[[[[[ • Ü • Rdmpn
[áb M
çu
B db p m\ •/ +. 2 • I dojndn•`i•^}gpg\n•o`Äd_\n•_`•m\o\•^\ibpmj+• H\
^}gpg\•ap`•ajojbm\ad\_\•`i•`no\_j•_`•h`o\a\n`•_`•g\•_dqdndÅi•
hdoÅod^\8•nÅgj•g\n•^}gpg\n•`p^\mdÅod^\n•km`n`io\i•hdojndn+•Ag•^jgjm•
q`m_`•n`•_`]`•\•g\•odi^dÅi•_`•pi\•kmjo`~i\•gg\h\_\•op]pgdi\•lp`•
`n•dhkjmo\io`•k\m\•g\•n`k\m\^dÅi•_`•gjn•^mjhjnjh\n•%q}\n`•
O`^^dÅi•.5+.&+•Ag•^jgjm•\upg•n`•_`]`•\•pi•^jgjm\io`•lp`•odÄ`•`g•
@J=•`•di_d^\•gjn•^mjhjnjh\n+
AK>•u•kpn]o•mqa•okj•ja_ao]ne]o•l]n]•h]•atlnaoeÅj•`a•hko•
cajao• %nwYk]• Pa__eÅj•5+2&+•Rj]•`ebanaj_e]•bqj`]iajp]h•
ajpna•h]o•_}hqh]o•lnk_]neÅpe_]o•u•aq_]neÅpe_]o•ao•mqa•h]o•Çh*
pei]o•_kjpeajaj•lkn•hk•cajan]h•`ko•_kle]o•`a•_]`]•caj•u•
okj)•lkn•p]jpk)•caj}pe_]iajpa•\ahdga\]k*•Aqn]jpa•h]•`ere*
oeÅj•_ahqh]n•`a•h]o•_}hqh]o•aq_]neÅpe_]o•ah•jÇ_hak•oa•`ere`a•
%pn]o•`qlhe_]noa•ah•jÇiank•`a•_nkikoki]o&•ia`e]jpa•ah•
lnk_aok•`a•ealgkak• %B db p m\ • / +. 2 &)• `a•ik`k•mqa•oa•knece*
$Z% j]j•`ko•_}hqh]o•def]o•e`}jpe_]o•u •_]`]•qj]•`a•ahh]o•na_e^a•
B db p m\ •/ +. 1 • Ag• ip^g`jd_`)•%\&•Id^mjbm\a~\•_`•^}gpg\n•_`• qj•_kjfqjpk•_kilhapk•`a•cajao+
?iY^[h_Y^_W•Yeb_•om\o\_\n•k\m\• m`n\go\m•`g•ip^g`jd_`+•?\_\•^}gpg\• I]•`kp]_eÅj•`elhke`a•`ah•i]pane]h•caj}pe_k•`a•h]o•_}*
hd_`•pijn•0•Fdh+•%]&•Id^mjbm\a~\•ojh\_\•^ji•hd^mjn^jkdj• hqh]o•aq_]neÅpe_]o•oa•na`q_a•]•h]•iep]`•ia`e]jpa•ah•lnk*
`g`^omÅid^j•_`•om\inhdndÅi•_`•pi•ip^g`jd_`•\dng\_j•gd]`m\_j•_`• _aok•`a•i aekoeo• l]n]• bkni]n•c]iapko•d]lhke`ao•aj•h]•
pi\•^}gpg\•_`•?)•Yeb_)•H\•^}gpg\•ap`•gdn\_\•np\q`h`io`•k\m\• nalnk`q__eÅj•oatq]h+•I]•bqoeÅj•`a•`ko•c]iapko•`qn]jpa•h]•
k`mhdodm•lp`•`g•ip^g`jd_`•lp`•`no|•\go\h`io`•^jhk\^o\_j•n\gd`m\• bkni]_eÅj•`ah•veckpk•naop]qn]•ah•aop]`k•`elhke`a•`a•h]•_}*
dio\^oj+• H\n•ag`^c\n•di_d^\i•gjn•`som`hjn•_`•g\n•^\_`i\n•_`g• @J=+ hqh]•naoqhp]jpa+•Bopko•lnk_aoko•oa•lnaoajp]j•_kj•i|o•`a*
p]hha•aj•ah•@]l~pqhk•5+
qj]•okh]•_kle]•`a•_]`]•caj•u•lkn•_kjoecqeajpa•okj•caj}*
pe_]iajpa•`Yhdga\]k*•Jq_dko•lnk_]nekp]o•_kjpeajaj•p]i* A ] f]k '• _ ] f g e Yk •q • hjg l]yf Yk
^e}j•lamqaÄ]o•_]jpe`]`ao• `a•AK>•atpn]_nkikoÅie_k)• ã@q|jpko•cajao•u •lnkpa~j]o•peaja•qj]•_}hqh]<•Rj]•^]_pa*
`eolqaopk•d]^epq]hiajpa•`a•ik`k•_en_qh]n)•mqa•_kjopepq* ne]•p~le_]•_kik•@k[`]ja[`aY [gda•_kjpeaja•qj•Çje_k•_nk*
uaj•hko•lh|oie`ko+•Iko•lh|oie`ko•oqahaj•_kjpajan•cajao• ikoki]•_en_qh]n•_kj•AK>•bkni]`k•lkn•1)35•iehhkjao•`a•
mqa•_kjbeanaj•lnklea`]`ao•aola_e]hao•]•h]o•_}hqh]o•%_kik• l]nao•`a•^]oao+•@kik•ah•cajki]•`a•@* [gda•d]•oe`k•_ki*
lnklea`]`ao•iap]^Åhe_]o•oejcqh]nao&+•Mkn•ah•_kjpn]nek)•jk• lhap]iajpa•oa_qaj_e]`k)•o]^aiko•mqa•_kjpeaja•_an_]•`a•
hhar]j•hko•cajao•aoaj_e]hao•mqa•oa•namqeanaj•^|oe_]iajpa• 1+0--•cajao+•>hcqj]o•^]_pane]o•peajaj•qj•jÇiank•`a•ca*
l]n]•h]•oqlanreraj_e]•u•mqa•oa•hk_]hev]j•aj•ah•_nkikoki]+ jao•pnao•ra_ao•oqlanekn)•lank•kpn]o•jk•oqlan]j•h]•k_p]r]•
Bj•h]o•_}hqh]o•aq_]neÅpe_]o)•ah•AK>•oa•lnaoajp]•`ajpnk• l]npa•`a•`e_dk•jÇiank•%nwYk]•Q]^h]•.0+.&•I]o•_}hqh]o•aq*
`ah•jÇ_hak•aj•ikh}_qh]o•heja]hao•ail]mqap]`]o•aj•qj•ao* _]neÅpe_]o•peajaj•iq_dko•i|o•cajao•mqa•h]o•lnk_]neÅpe*
p]`k•iqu•knc]jev]`k•bkni]j`k•hko•_nkikoki]o+•Bh•jÇ* _]o+• Rj]• _}hqh]• dqi]j])• lkn• afailhk)• _kjpeaja• qj]o
iank•`a•_nkikoki]o•ao•iqu•r]ne]^ha+• Mkn•afailhk)•h]• .+---•ra_ao•i|o•AK>•mqa•@* [gda•u•]hna`a`kn•`a•4•ra_ao•oq•
har]`qn]•`a•l]j]`an~]•NY[[`Yjgeq[]k []j]nakaY]•_kjpeaja• jÇiank•`a•cajao+
.3•_nkikoki]o•`eolqaopko•aj•5•l]nao)•ieajpn]o•mqa•h]o• Rj]• Çje_]• _}hqh]• `a• @* [gda• _kjpeaja• ]lnktei]`]*
_}hqh]o•dqi]j]o•_kjpeajaj•13•%/0•l]nao&+•Bj•h]o•_}hqh]o• iajpa• .+6--•pelko•`a•lnkpa~j]o•`ebanajpao•u•_an_]•`a•/)1•
aq_]neÅpe_]o•hko•_nkikoki]o•_kjpeajaj•p]i^e}j•lnkpa~* iehhkjao•`a•lnkpa~j]o•aj•pkp]h•%nwYk]•Q]^h]•0+/&+•>hcqj]o•
j]o•mqa•b]rkna_aj•ah•lhac]ieajpk•u •ail]mqap]ieajpk•`ah lnkpa~j]o• okj• iqu• ]^qj`]jpao)• kpn]o• hk• okj• iajko• u
? \ k ~op gj •/ • E • Qi• ]m` q`•qd\ e` •k j m•`g• h p i _ j •h d^mj ] d\ i j • 1.
=gdi`\hd`ioj•_`•g\n•
n`^p`i^d\n•_`g•b`i•
_`g•NJ=•md]jnÅhd^j
= C P? C ? P = C • .•
= P P ? ? C P = C • /• ë •
= C ? ? C P P = C • 0• C`i`m\^é3i•J•
_`g•|m]jg•
adgjb`i}od^j
p]o+•Bop]o•h~ja]o•arkhqper]o)•`ajkiej]`]o•`kiejeko)•okj• are`aj_e]o•d]j•lqaopk•`a•i]jebeaopk•mqa•h]o•_}hqh]o•aq_]*
=Y[l]jaY•q•<j[`Y]Y•%mqa•aop|j•_kjopepqe`]o•lkn•lnk_]nek* neÅpe_]o•lkoaaj•cajao•`a•hko•`ko•`kiejeko+•>`ai|o•`ah•ca*
p]o&•u •@mcYjqY•%mqa•_kilnaj`a•hko•aq_]nekp]o&• % B db p m\ jki]•ail]mqap]`k•aj•hko•_nkikoki]o• `ah•jÇ_hak)•h]o•
/ +. 4 &+ •Pa•oqlkja•mqa•aj•hko•_kieajvko•`a•h]•re`]•ok^na•h]• iepk_kj`ne]o•u•hko•_hknklh]opko•`a•h]o•_}hqh]o•aq_]neÅpe_]o•
Qeann]•aopko•`kiejeko•oqnceankj•lkn•`erancaj_e]•]•l]npen• lkoaaj•oqo•lnkleko•cajki]o•%AK>•`eolqaopk•aj•bkni]•_en*
`a•qj•knc]jeoik•k•_kiqje`]`•]j_aopn]h•_kiÇj+ _qh]n)•_kik•aj•hko•lnk_]nekp]o&•u •oqo•lnkleko•ne^koki]o+•
Bh•|n^kh•behkcaj}pe_k•`a•h]•re`]•narah]•`ko•da_dko•ark* Ro]j`k•h]o•p}_je_]o•`a•oa_qaj_e]_eÅj•`a•nOK>)•oa•d]•`a*
hqperko•eilknp]jpao7•%.&•_kik•oa•d]•_kiajp]`k•]jpanekn* ikopn]`k•mqa•aopko•knc|jqhko•`aner]j•`a•]jpa_aoknao•ao*
iajpa)• fg• pk`ko• hko• lnk_]nekp]o• aop|j• aopna_d]iajpa• la_~be_ko•lanpaja_eajpao•]h•`kiejek•=Y[l]jaY•%Cecqn]•/+.4•
nah]_ekj]`ko•`ao`a•ah•lqjpk•`a•reop]•behkcaj}pe_k)•u•%/&•ah• u•Pa__eÅj•/+6&+•M]na_a•lqao•lnk^]^ha•mqa•h]o•iepk_kj`ne]o•
`kiejek•<j[`Y]Y•lnaoajp]•qj]•nah]_eÅj•i|o•lnÅtei]•]h• u •hko•_hknklh]opko•bqankj•aj•kpnk•peailk•_}hqh]o•mqa•rer~]j•
`kiejek•@mcYjqY•mqa•]h•`kiejek•=Y[l]jaY•%Cecqn]•/+.4&+• aj•aop]`k•he^na•u•mqa•aop]^ha_eankj•qj]•ateopaj_e]•ejpn]_a*•
Mkn•p]jpk)•]•l]npen•`ah•]jpa_aokn•qjerano]h•_kiÇj•]•pk`]o• hqh]n•`ajpnk•`a•_}hqh]o•`a•@mcYjqY•aj•peailko•lneieca*
h]o•bkni]o•`a•re`])•h]•`eranoebe_]_eÅj•arkhqper]•eje_e]h•pqrk• jeko+•Bh•lnk_aok•lkn•ah•mqa•k_qnneÅ•aop]•]`]lp]_eÅj•aop]^ha•
hqc]n•aj•`ko•`ena__ekjao7• ah•`kiejek•=Y[l]jaY•q•kpn]•oa* oa•_kjk_a•_kik•aj`koei^ekoeo)•u•oa•_kiajp]•aj•lkopa*
cqj`]•h~ja]•arkhqper]•mqa•arajpq]hiajpa•knecejÅ•p]jpk•ah• neknao•_]l~pqhko•%nwYfk]•Pa__ekjao•.1+1•u•.5+1&+
`kiejek•<j[`Y]Y(•mqa•napqrk•h]•aopnq_pqn]•_ahqh]n•lnk_]*•
neÅpe_])•_kik•ah•`kiejek•@mcYjqY(•mqa•jk•h]•i]jpqrk+•> •hk• = g f ljaZm[ag f]k • \ ] • dY• k][m]f[aY[a{f• e gd][mdYj•
h]nck•`a•aopa•he^nk)•ah•p}niejk•^]_pane])•ao_nepk•_kj•ç^ é•ie* Y• dY• e a[jgZagdg _yY
jÇo_qh]•oa•nabeana•]•]hcqj]o•aola_eao•`ah•`kiejek•=Y[l]jaY* Iko•aopq`eko•behkcaj}pe_ko•na]hev]`ko•]•jerah•ikha_qh]n•_kj*
beni]j•h]o•nah]_ekjao•arkhqper]o•ateopajpao•ajpna•pk`]o•h]o•_}*
4\RHY_H hqh]o+•I]•]lhe_]_eÅj•`a•aop]•pa_jkhkc~]•d]•_na]`k•qj•oeopai]•
@kik•pk`]o•h]o•_}hqh]o•`a•hko•]jei]hao•u•`a•h]o•lh]jp]o•okj• `a•nah]_ekjao•arkhqper]o•ajpna•hko•lnk_]nekp]o)•hk•mqa•_kjope*
aq_]neÅpe_]o)•oa•`a`q_a•mqa•hko•ie_nkknc]jeoiko•aq_]neÅ* pqua•qj•hkcnk•eilknp]jpa•mqa•h]•ie_nk^ekhkc~]•jk•d]^~]•
pe_ko•bqankj•hko•]jpa_aoknao•`a•pk`ko•hko•knc]jeoiko•lhq* ]^kn`]`k•`ao`a•oqo•lnej_eleko+•>`ai|o)•h]•behkcaje]•^]o]`]•
ne_ahqh]nao+• Bh• |n^kh• `a• h]• re`]• nabhaf]• _h]n]iajpa• aopa• aj•ah•OK>•ne^koÅie_k•d]•`]`k•hqc]n•]•jqarko•ejopnqiajpko•
da_dk)•lqao•hko•aq_]nekp]o•ie_nk^e]jko•_kjopepquaj•qj]• _kj•]lhe_]_ekjao•aj•kpn]o•n]i]o•`a•h]•ie_nk^ekhkc~])•]ba_*
n]i]•pailn]j]•`ah•|n^kh•ieajpn]o•mqa•hko•]jei]hao•u •h]o• p]j`k•aj•l]npe_qh]n•]•h]•_h]oebe_]_eÅj•ie_nk^e]j])•]•h]•a_k*
lh]jp]o• oa•hk_]hev]j• d]_e]• ah• atpnaik• paniej]h• %Cecqn] hkc~]•ie_nk^e]j]•u•]h•`e]cjÅope_k•_h~je_k+•Bj•aop]o•|na]o)•h]•
/+.4&+• Pej•ai^]nck)• h]•oa_qaj_e]_eÅj•ikha_qh]n•u •kpn]o behkcaje]•ikha_qh]n•d]•b]_ehep]`k•ah•_kj_alpk•`a•aola_ea•^]_*
? \ k ~op gj •/ • E • Qi• ]m` q`•qd\ e` •k j m•`g• h p i _ j •h d^mj ] d\ i j • 10
?jhkp`nojn• ?jhkp`nojn
- ) 2 • G a f aj j ] n ak a{ f jmb|id^jn• dijmb|id^jn
K m ae ag dal{ ljg ^g k
/+5• @ dq ` mn d_ \ _ • adn dj gÅ b d^ \ • Jq_dko•ie_nkknc]jeoiko•lqa`aj•]lnkra_d]n•h]•ajanc~]•
_ ` • gjn• h d^ mj j mb \ i dn h j n mqa•aop|•`eolkje^ha•aj•hko•_kilqaopko•ejknc|je_ko+•Bopa•
pelk• `a• iap]^kheoik• oa• hh]i]• imae agdalgljg^xY• %`ao*
Qk`]o•h]o•_}hqh]o•namqeanaj•ajanc~]•u•qj•i}pk`k•mqa•lan* _q^eanpk• lkn• Tejkcn]`ogu)• nwYk]• Pa__eÅj• .+6&• u • hko•
iep]• _kjoanr]nh]• l]n]• kpnko• qoko+• Bj• h]• j]pqn]hav]• h] ie_nkknc]jeoiko•mqa•h]•hhar]j•]_]^k•oa•hh]i]j•mqeiek*
Q J E@ = @ • .• E • Lmdh d^mj ] dj gj b ~\
P`hk`m\opm\
Ag`q\_\ Ddk`mo`mhÅadgj JohebeXki \kcWh_J ;hY^W[W ?\gd`io`)•ap`io`n• 6-•Ñ?• .-3•Ñ?• ..0•í?Ǿ•
cd_mjo`mh\g`n•np]h\mdi\n•
Lnd^mÅadgj JebWhecedWi <WYj[h_W Dd`gj•h\mdij -Ñ? 1•Ñ? ./•}>
lWYkebWjW
LD
>\ej =^d_Åadgj J_Yhef^_bki ei^_cW[Y ;hY^W[W Bp`io`n•o`mh\g`n•\^d_\n *-+-3 -+4? 1
=goj =g^\gÅadgj HWjhedeXWYj[h_kc• ;hY^W[W H\bjn•^\m]ji\o\_jn 5+2 .-_ ÖŌ
]h[]eho_Z
r]o&•ao•iqu•lk_k•_kiÇj•aj•qj]•iqaopn]•j]pqn]h•`a•_q]h*
mqean•pelk+
Aao`a•ah•lqjpk•`a•reop]•dqi]jk)•]hcqjko•]i^eajpao•
k_ql]`ko•lkn•hko•ie_nkknc]jeoiko•lk`n~]j•_kjoe`an]noa•
_kik•`ai]oe]`k•heiep]`ko•l]n]•_kjpajan•re`]+•>qjmqa•
]hcqjko•`a•aopko•]i^eajpao•lqa`aj•oqlkjan•p]i^e}j•qj•
`ao]b~k•l]n]•ah• `ao]nnkhhk•`a•hko• ie_nkknc]jeoiko)• hko•
]i^eajpao•atpnaiko•aop|j•]•iajq`k•_khkjev]`ko•lkn•h]•
re`]•ie_nk^e]j]+•Iko•knc]jeoiko•mqa•d]^ep]j•]i^eajpao•
atpnaiko•oa•hh]i]j•atpnaiÅbehko•u•_kjopepquaj•qj•jkp]*
^ha•cnqlk•`a•ie_nkknc]jeoiko•mqa)•aj•_kjfqjpk)•`abejaj•
hko•h~iepao•beoe_k*mq~ie_ko•aj•hko•mqa•h]•re`]•ao•lkoe^ha+
Iko•atpnaiÅbehko•]^qj`]j•aj•]i^eajpao•p]j•n]`e_]hao•
_kik•h]o•bqajpao•pani]hao•_kj•]cq]•aj•a^qhhe_eÅj)• aj•ah•
deahk•mqa•_q^na•hko•h]cko)•ch]_e]nao•u•i]nao•lkh]nao)•aj•
]cq]o•`a•ahar]`]•o]heje`]`•u•aj•oqahko•u•]cq]o•mqa•peajaj• B db p m\ •/ +. 6 • ó m]j g•adgjb `i }od^ j•_`g•_j h di dj•>\^o`md\n+•Hjn
qj•lE•`a•-•k•p]j•]hpk•_kik•./+•Bopko•lnk_]nekp]o•jk•okj• o\h\Äjn•m`\godqjn•_`•gjn•m`^p\_mjn•^jgjm`\_jn•di_d^\i•`g• iÇh`mj•
oeilhaiajpao• lgd]jYfl]k• ]• p]hao• _kj`e_ekjao• atpnai]o)• _`•b}i`mjn•t•`nk`^d`n•lp`•n`•^jij^`i•\^op\gh`io`•`i•^\_\•
oejk•mqa•na]hiajpa•h]o•j]ima]j]f•l]n]•_na_an+•Mkn•aopk•oa• bmpkj+•H\n•Lmjo`j]\^o`md\n•nji•`g•bmpkj•h|n•\hkgdj•_`•>\^o`md\n+•
H\•g~i`\•`qjgpodq\•h\m^\_\•`i•`g•|m]jg•^jhj•KL*/•ij•m`km`n`io\•
`ajkiej]j•atpnaiÅbehko•%`ah•oqbefk•h`admk(•]i]jpa•`a&+•
pi•hd^mjjmb\idnhjn•^pgodq\_j•ndij•pi\•n`^p`i^d\•_`•NJ=•
I]•P \] g\• /+.• naoqia•]hcqjko•`a•hko•çna_kn`oé•mqa•lna*
md]jnÅhd^j•\dng\_j•_`•pi•jmb\idnhjn•`i•pi\•hp`nom\•i\opm\g+
oajp]j•hko•lnk_]nekp]o•atpnaiÅbehko•a•ej`e_]•ah•pelk•`a•d|*
Ai•`no`•^\nj)•`g•h|n•m`g\^dji\_j•`qjgpodq\h`io`•^ji•KL*/•n`m~\•
^ep]po• mqa•k_ql]j+• Jq_dko• `a• aopko• ie_nkknc]jeoiko•
;gk_\[n)•=pilp`•ij•n`•m`km`n`io\i•`i•`no`•|m]jg)•n`•^jij^`i•
oan|j• _kjoe`an]`ko• `a• jqark• aj• _]l~pqhko• lkopaneknao•
hp^cjn•hdg`n•_`•jom\n•n`^p`i^d\n•_`o`^o\_\n•`i•`g•h`_dj•
%@]l~pqhko•3•u •.2*.4&+
\h]d`io`•t •lp`•n`•_dnod]pt`i•nj]m`•oj _j•`g•|m]jg+•Jj•n`•di_d^\i•
`i•`no`•|m]jg•oj _jn•gjn•bmpkjn•^jij^d_jn•_`•g\n•XWYj[h_W)
B • - ) 3 • G af aj j ] n ak a{ f • Ük
dn • #X$
B db p m\ •/+/.• >\^o`md\n•bm\hkjndodq\n+•%\&•H\•]\^o`md\•
ajmh\_jm\•_`•`i_jnkjm\n•<WY_bbki•od`i`•ajmh\•]\^dg\m•t•\lp~•n`•
hp`nom\•ajmh\i_j•^\_`i\n+• H\n•`i_jnkjm\n)•lp`•nji•hpt•
m`ndno`io`n•\g•^\gjm)•^jhkp`nojn•lp~hd^jn•t •m\_d\^dÅi)•n`•j]n`mq\i•
^jhj•`nomp^opm\n•]mdgg\io`n•t•m`am|^odg`n•_`iomj•_`•g\•^}gpg\+•H\n•
^}gpg\n•od`i`i•pijn•.3•vsh•_`•_d|h`omj)• %]&•Mjh[fjeYeYYki•`n•pi\•
^}gpg\•`na}md^\•lp`•n`•km`n`io\•`i•^\_`i\n+•Hjn•`nom`koj^j^jn•n`•
km`n`io\i•^ji•am`^p`i^d\•`i• gjn•kmj_p^ojn•g|^o`jn•t•\gbpijn•nji•
k\oÅb`ijn•hpt•kjo`io`n+• H\n•^}gpg\n•od`i`i•pijn•-)5•esh•_`•
_d|h`omj+
qdno\•\g•hd^mjn^jkdj•`g`^omÅid^j•_`•]\mmd_j+• H\•^}gpg\•od`i`•pi\•
\i^cpm\•\kmjsdh\_\•_`•-)0•vsh•t •n`•km`n`io\•hpt•`imjn^\_\+
Iuia•$nwYfk]•Pa__ekjao•01+.0•u•02+1)•naola_per]iajpa&)•
aop|j•lnk`q_e`]o•lkn•aolenkmqap]o+
Ako•h~ja]o•eilknp]jpao•`a•=Y[l]jaY•okj•bkpÅpnkb]o7•h]o•
^]_pane]o•ran`ao•`ah•]vqbna•u•h]o•^]_pane]o•ran`ao•jk•`ah•
B db p m\ •/ +/ / • ?d\ij]\^o`md\n•adg\h`iojn\n)• %\&•IisbbWjeh_W)•
]vqbna•%cnqlk•>`dgjg^d]pmk%•% B db p m\ •/ +/ 2 &+• I]o•aola_eao•`a•
%a^;&•Mf_hkb_dW)•H\n•^}gpg\n•_`•\h]jn•jmb\idnhjn•od`i`i•^`m^\•
]i^]o•h~ja]o•arkhqper]o•_kjpeajaj•leciajpko•bkpkoejp}pe*•
_`•ÖÕ •%dh •_`•_d|h`omj+
_ko•oeieh]nao•u•okj•p]i^e}j•]qpÅpnkb]o+•>`dgjg^d]pmk•ao•qj•
lnk_]nekp]•beh]iajpkok•mqa•d]^ep]•aj•bqajpao•pani]hao•u•
I ljY k • dyf]Yk• ae h g jlY f l] k • \ ] • ZY[l]jaYk vkj]o•i]nej]o•lk_k•lnkbqj`]o)•bkni]j`k•p]lapao•ie_nk*
Lpn]o•h~ja]o•behkcaj}pe_]o•`a•=Y[l]jaY•_kjpeajaj•aola_eao• ^e]jko•aopn]pebe_]`ko•mqa•_kjpeajaj•qj]•_kiqje`]`•`a•
_kj•iknbkhkc~]o•oejcqh]nao+•Rj•afailhk•ao•ah•cnqlk•]_q|* ie_nkknc]jeoiko• $nwYk]• Pa__eÅj•//+4&+• >`dgjg^d]pmk•ao
pe_k•`a•Mh]j_pkiu_ao)• _]n]_panev]`k•lkn•_}hqh]o•_kj•qj•
la`Çj_qhk•la_qhe]n•mqa•laniepa•]h•knc]jeoik•bef]noa•]•qj•
oqopn]pk•oÅhe`k• %B db p m\ • / +/ 0 & • u•]•h]o•aolenkmqap]o)• mqa•
lnaoajp]j•qj]•iknbkhkc~]•dahe_ke`]h•%B db p m\ •/ +/ 1 &+•>hcq*
j]o• ajbania`]`ao)• _kik• h]• o~beheo• u •h]• ajbania`]`• `a
$Y% $Z%
B db p m\ •/ +/ 2 • >\^o`md\n•q`m_`n•ajojomÅ ad^\n+•%\&•=^beheX_kc•
%]\^o`md\•q`m_`•_`g•\upam`&•^pt\n•^}gpg\n•od`i`i•^`m^\•_`•ÕĞŔ•vF+h•
_`•_d|h`omj)•%]&•=^behe\b[nki•%]\^o`md\•q`m_`•ij•_`g•\upam`&•lp`•
B db p m\ •/ +/ 0 • H\•]\^o`md\•k`_pi^pg\_\•JbWdYjecoY[i• ajmh\•adg\h`iojn•^ji•pi\•\i^cpm\•\kmjsdh\_\•_`•.)0•Gei+•
km`n`io\•pi\•h jmajgjb~\•kj^j•^jhÇi+•O`•hp`nom\i•q\md\n• =pilp`•km`n`io\i•\gbpi\n•^\m\^o`m~nod^\n•^jhpi`n)•^jhj•
^}gpg\n•pid_\n•kjm•np•k`_Çi^pgj•ajmh\i_j•pi\•mjn`o\+•?\_\• kdbh`iojn•t •`nomp^opm\n•h`h]m\ijn\n)•`nojn•hd^mjjmb\idnhjn•
^}gpg\•od`i`•pi•_d|h`omj•_`•pijn•.)1•ve+h+ nji•adgjb`i}od^\h`io`•hpt•_dnodiojn+
15• Q J E@ = @ • .• E • L mdi^dk dj n•_ ` • h d^ mj ] dj gj b ~\
p]i^e}j•jkp]^ha•lknmqa•oa•leajo]•mqa•nalnaoajp]•qj•ao*
h]^Åj•eilknp]jpa•aj•h]•arkhq_eÅj•`a•h]•bkpko~jpaoeo•$nw)
Yfk]•Pa__ekjao•.3+.5•u•/-+4&+
Lpn]o•`ko•h~ja]o•eilknp]jpao•`ajpnk•`a•h]o•^]_pane]o•
okj•hko•cnqlko•`a•@h]ie`e]o•u•Aaejk_k__qo•%Cecqn]•/+.6&+•
Bh•c}jank•>`dYeq\aY•]cnql]•l]pÅcajko•`ah•]l]n]pk•nao*
len]pknek•u •`a•pn]joieoeÅj•oatq]h•aj•ah•dki^na•$nwYfk]•
Pa__ekjao• .3+6•u•01+.1&+•I]o•_h]ie`e]o•okj•l]n|oepko•ej*•
pn]_ahqh]nao•aopne_pko)•ao•`a_en)•mqa•reraj•\]fljg•`a•h]o•_}*
hqh]o•`a•knc]jeoiko•oqlaneknao)•aj•_kj_napk•`ah•dki^na+• B db p m\ • /+/4• Ag• cdk `mo` mh Åadgj•<ima^]p*•Id^mjbm\a~\•j]o`id_\•
Lpnko•lnk_]nekp]o•l]pÅcajko•%_kik•lkn•afailhk•aola_eao• ^ji•pi• hd^mjn^jkdj•Åkod^j•_`•om\inhdndÅi•h`_d\io`•g\•o}^id^\•_`•
`a•Ma[c]llkaY(•qj•ieai^nk•`a•Mnkpak^]_pane]o•mqa•knecej]• ^mdj^jmmjndÅi)•`i•g\•lp`•n`•m`\gdu\•kmdh`mj•pi\•m}kgd^\•_`•g\•^}gpg\•
ajbania`]`ao•_kik•ah•pebqo•k•h]•bea^na•i]_qhko]•`a•h]o• ^jib`g\_\•lp`•gp`bj•n`•qdnp\gdu\+•H\•^}gpg\•km`n`io\•pi\•\i^cpm\•
Jkjp]Ä]o•Ok_ko]o)•u•h]•cn]ilkoeper]•Hq[gZY[l]jame lm) kmÅsdh\•\•-)2•k+h+
Z]j[mdgkak•mqa•lnk`q_a•h]•pq^an_qhkoeo&•p]i^e}j•okj•l]*
pÅcajko• ejpn]_ahqh]nao+• Pq• hk_]hev]_eÅj• `ajpnk• `a• h]o• pailan]pqn]o•i|o•ahar]`]o•mqa•aj•h]•]_pq]he`]`+•Pe•oqlk*
_}hqh]o•`ah•dkola`]`kn•arep]•oq•`aopnq__eÅj•lkn•ah•oeo* jaiko•mqa•h]o•lneian]o•bkni]o•`a•re`]•bqankj•delanpan*•
pai]•ejiqja•`ah•dkola`]`kn+ iÅbeh]o)•jk•naoqhp]•oknlnaj`ajpa•mqa•oqo•`ao_aj`eajpao•
I]•h~ja]•`a•Aaejk_k__qo•_kjpeaja•aola_eao•_kj•l]na* rerko•i|o•`ena_pko•oa]j•p]i^e}j•ahhko•ieoiko•delanpan*
`ao•_ahqh]nao•lk_k•_kiqjao•u•qj]•oejcqh]n•naoeopaj_e]•]• iÅbehko+•I]o•n]iebe_]_ekjao•behkcaj}pe_]o•`a•=Y[l]jaY•u•`a•
jerahao•]hpko•`a•n]`e]_eÅj8•?]afg[g[[mk jY\ag\mjYfk• %Ce* <j[`Y]Y•]lku]j•aop]•ejpanlnap]_eÅj•%Cecqn]•/+.6•u•Cecqn]
cqn]• /+/3&•ao•qj]•aola_ea•eilknp]jpa•`a•aopa•cnqlk•mqa• /+/5&•u •lqa`a•mqa•ie_nkknc]jeoiko•_kik•<ima^]p( H])•
lqa`a•ok^nareren•]•`koeo•`a•n]`e]_eÅj•iq_d]o•ra_ao•oq* l`Yfghqjmk•u•KqjgdgZmk•oa]j•hko•`ao_aj`eajpao•i|o•ik*
lanekn•]•h]•ja_ao]ne]•l]n]•i]p]n•]•]jei]hao•u•mqa•lqa`a• `anjko•`a•h~ja]o•_ahqh]nao•arkhper]iajpa•iqu•]jpecq]o+
naaopnq_pqn]n•oq•_nkikoki]•`aolq}o•`a•d]^an•oe`k•`ao*
pnqe`k•lkn•n]`e]_eÅj+•>lnaj`anaiko•i|o•]_an_]•`a•aopa• - ) 4 • G a f aj j ] n ak a{ f
_qnekok•knc]jeoik•aj•h]•Pa__eÅj•.3+.4+
Cej]hiajpa)•r]ne]o•h~ja]o•`ah•`kiejek•=Y[l]jaY•oa•oa* M ]•[gfg[]f•nYjaYk•dxf]Yk•]ngdmlanYk•\]d•\ g e af ag•<Y[l]jaY•
l]n]nkj•iqu•lnkjpk•aj•ah•|n^kh•behkcaj}pe_k)•iqu•_an_]• im ]•j]hj]k]flYf•mfY•]fgje ]•nYja]\Y\•\ ] •e g j^gdg_xYk•q•
`a•h]•n]~v•%Cecqn]•/+.6&+•>qjmqa•okj•`ebanajpao•ajpna•o~)•pk* ^akagdg _xYk•[]dmdYj]k)
`ko•ahhko•_kil]npaj•h]•lnklea`]`•`a•_na_an•]•]hp]o•pai*
C• Ö= m v d•]k•dY•dxf]Y•]ngdmlanY•e vk•_jYf \]•\]f ljg•\]•
lan]pqn]o•$`ah]jl]jeg^adaY(•Q]^h]•/+.&+•Lnc]jeoiko•_kik•
<Y[l]jaY:
<ima^]p•%Cecqn]•/+/4&•k•O`]jeglg_Y•_na_aj•aj•]i^eajpao•
mqa•aop|j•]•qj]•pailan]pqn]•lnÅtei]•]•h]•`a•h]•a^qhhe_eÅj• C • Ö J g j•im w•k]•\a[]•im ]•dYk•[aYfgZY[l]jaYk•hj]hYjYjgf•dY•
`ah•]cq]+•I]•n]iebe_]_eÅj•pailn]j]•`a•aop]o•h~ja]o•arkhq* Na]jjY•hYjY• dY•]ngdm[azf•\ ] •^gje Yk•kmh]jagj]k•\ ] •na\Y:•
per]o•aj•ah•|n^kh•`a•h]•re`]•%Cecqn]•/+.6&•peaja•oajpe`k•pa*
C • Ö?f•im w•Y kh][lg•^akag dz _ a[ g •]k•kaf_mdYj•> [_deYeYYki:
jeaj`k• aj• _qajp]• mqa• h]• Qeann]• lneieper]• aop]^]• ]
'#&%• 7•
TSWMIU
Bh• ]j|heoeo• `ah•`kiejek•<j[`Y]Y• laniepa•k^oanr]n•mqa•
ateopaj•`ko•oq^`ereoekjao•eilknp]jpao•aj•aopko•lnk_]nek*
p]o)• Bqnu]n_d]akp]o• u • @naj]n_d]akp]o• %Cecqn]• /+/5&+•
@]`]•qj]•`a•ahh]o•bkni]•qj]•n]i]•lnej_el]h•`ah•|n^kh•be*
hkcaj}pe_k•`a•h]o•]nmqa]o+•I]•i]ukn~]•`a•hko•ie_nkkc]*•
jeoiko•lanpaja_eajpao•]•h]o•]nmqa]o• okj•atpnaiÅbehko)•
oeaj`k•_]l]_ao•`a•_na_an•]•h]o•i]uknao•pailan]pqn]o)•o]*
heje`]`ao•u•r]hknao•atpnaiko•`a•lE•`a•ajpna•pk`ko•hko•kn*
c]jeoiko• _kjk_e`ko+• Bh• ie_nkknc]jeoik• KqjgdgZmk•
%Cecqn]•/+/6&)•lkn•afailhk)•ao•qjk•`a•hko•lnk_]nekp]o•_k*
jk_e`ko•i|o•panikb~he_ko•%Q]^h]•/+.&+
>qjmqa•pk`]o•h]o•aola_eao•ej_hqe`]o•aj•h]o•]nmqa]o•okj•
mqeieÅpnkb]o)• CYdgZY[l]jame• %`ah• mqa• pn]p]naiko• i|o•
B db p m\ •/ +/ 3 • H\•]\^o`md\• ?]afg[g[[[mk jY\ag\mjYfk•`n• ]`ah]jpa&•lqa`a•qo]n•h]•hqv•l]n]•oejpapev]n•>QM)•lank•`a•
`som\jm_di\md`h `io`•m`ndno`io`•\•g\n•m\_d\^dji`n+• Qi\•^}gpg\• i]jan]•iqu•`eopejp]•`a•hko•knc]jeoiko•bkpÅpnkbko•p~le*
di_dqd_p\g•od`i`•^`m^\•_`•/)2•ih•_`•_d|h`omj+ _ko+•>hcqj]o•h]o•]nmqa]o•qo]j•_kilqaopko•knc|je_ko•l]n]
? \ k ~op gj •/ • E • Qi• ]m` q`•qd\ e` •k j m•`g• h p i _ j •h d^mj ] d\ i j • 16
naj_e]o•beoekhÅce_]o7•hko•iap]jÅcajko)•hko•d]hÅbehko•atpna*
iko•u •hko•panik]_e`Åbehko+•>hcqjko•`a•}opko•namqeanaj•- /)•
ieajpn]o•mqa•ao•jk_erk•l]n]•kpnko)•u •kpnko•lqa`aj•_na_an•
aj•hko•r]hknao•i|o•^]fko•k•i|o•]hpko•`a•lE•%Q]^h]•/+.&+•
Iko•iap]jÅcajko•_kik•H]l`YfgZY[l]jame•okj•]j]ank*
^eko•aopne_pko•u •oq•iap]^kheoik•ao•Çje_k•lknmqa•k^peajaj•
ajanc~]•`qn]jpa•h]•lnk`q__eÅj•`a•iap]jk•%c]o•j]pqn]h&+•
Iko•iap]jÅcajko•okj•eilknp]jpao•l]n]•h]•`acn]`]_eÅj•
]j]ank^e]•`a•h]•i]pane]•knc|je_]•aj•h]•j]pqn]hav])•u•h]•
i]ukn•l]npa•`ah•c]o•j]pqn]h•`a•h]•Qeann]•ao•ah•naoqhp]`k•`a•
oq•iap]^kheoik+
Iko•d]hÅbehko•atpnaiko•okj•l]neajpao•_an_]jko•`a•hko•
iap]jÅcajko• %Cecqn]• /+/5&)• lank• beoekhÅce_]iajpa•okj•
iqu•`eopejpko•`a•ahhko+•> •`ebanaj_e]•`a•hko•iap]jÅcajko)•
mqa•iqanaj•aj•lnaoaj_e]•`a•kt~cajk)•hko•d]hÅbehko•atpna*
iko•ja_aoep]j•kt~cajk•u •_kil]npaj•h]•ja_aoe`]`•`a•_kj*
B db p m\ •/ +/ 5 • ó m]j g•adgjb `i }od^ j•_`g•_jh didj•;hY^W[W) _ajpn]_ekjao•o]hej]o•%K]@F&•iqu•ahar]`]o•l]n]•hhar]n•]•
Hjn•jmb\idnhjn•di^gpd_jn•`i• g\•g~i`\•_dn^jiodip\•mje\•nji• _]^k•oq•iap]^kheoik•u •nalnk`q__eÅj+•Mna_eo]iajpa•lkn•
cdk`mo`mhÅadgjn•lp`•^m`^`i•\•hpt•\go\n•o`h`k`m\opm\n• oqo• namqaneieajpko• `a• o]h• oa• hao• `ajkiej]• d]hÅbehko•
#=h[dWhY^W[ejWi$)•?ji•aji_j•mjn\•n`•hp`nom\i•gjn•h`o\iÅb`ijn)• %]i]jpao•`a•h]•o]h&+•Aa•da_dk)•knc]jeoiko•`ah•pelk•`a•CY)•
gjn•c\gÅadgjn•t•gjn•\^d_Åadgjn•`som`hjn•%?khoWhY^W[ejWi$)•Ag•èbmpkj• dgZY[l]jame•okj•p]j•d]hÅbehko•mqa•oÅhk•lqa`aj•_na_an•]ok*
h\mdijê•^jmm`nkji_`•\•n`^p`i^d\n•_`•mNJ=•_`•hd`h]mjn•_`• _e]`ko•]•_neop]hao•`a•o]h•%B db p m\ • / +0 - &+
;hY^W[W•_`o`^o\_\n•`i•hp`nom\n•_`•\h]d`io`n•h\mdijn•lp`•\Çi• @kik•oa•d]•ej`e_]`k•lnare]iajpa)•iq_dko•lnk_]nek*
ij•n`•c\i•^pgodq\_j+•Jj•n`•di_d^\i•`i•`no`•|m]jg•oj_jn•gjn•bmpkjn• p]o•okj•bkpÅpnkbko•u •lqa`aj•cajan]n•pnebkob]pk•`a•]`ajk*•
^jij^d_jn•_`•;hY^W[W) oej]• %>QM&•]•l]npen•`a•h]•hqv• %Pa__eÅj•/+5&+•>qjmqa•h]o•
aola_eao•`a•CYdgZY[l]jame•jk•lnk`q_aj•_hknkbeh]•_kik•
hko•]qp}jpe_ko•bkpÅpnkbko)•_kjpeajaj•leciajpko•bkpkoajoe*
^hao•mqa•lqa`aj•]^okn^an•h]•hqv•u•oejpapev]n•>QM•%nwYk]•
Pa__eÅj•.4+0&+•I]o•<j[`Y]Y•d]hÅbeh]o•atpnai]o•d]^ep]j•aj•
h]cko•o]hejko)•o]hej]o•_kopan]o•u•kpnko•]i^eajpao•iqu•o]*
hejko+• >hcqjko•d]hÅbehko•atpnaiko)• _kik•IYljgfgZY[l])•
jame(•reraj•aj•]i^eajpao•]_q|pe_ko•_]n]_panev]`ko•lkn•
ahar]`]o•_kj_ajpn]_ekjao•o]hej]o•u •ahar]`ko•r]hknao•`a
B db p m\ •/ +/ 6 • JohebeXki)•Ano`•hd^mjjmb\idnhj•cdk`mo`mhÅadgj•
km`n`io\•^m`^dhd`ioj•Åkodh j•kjm•`i^dh\•_`g•kpioj•_`•`]pggd^dÅi•
_`g•\bp\+•H\•^}gpg\•od`i`•pi•_d|h`omj•_`•\gm`_`_jm•_`•.)1•vçh+
k^pajan•h]•ajanc~])•]qjmqa•h]•i]ukn~]•okj•mqeiekhepÅpnk*•
b]o)•oeaj`k•ah•de`nÅcajk•%E/& •oq•bqajpa•`a•ajanc~]•lnaba* B db p m\ •/ +0 - • =mlp`\n•c\gÅadg\n•`som`h\n+• Qi•qd\g•^ji•
ne`]+•I]•mqeiekhepkpnkbe]•aop|•l]npe_qh]niajpa•atpaj`e`]• n\ghp`m\•t •^mdno\g`n•_`•n\g•km`^dkdo\_\•lp`•^jiod`i`•`g•c\gÅadgj•
ajpna•h]o•aola_eao•paniÅbeh]o•`a•]nmqa]o+ `som`hj•BWbeXWYj[h_kc)•Ag•jmb\idnhj•km`n`io\•kdbh`iojn•lp`•
\]njm]`i•g\•gpu•t •k`mhdo`i•g\•kmj_p^^dÅi•_`•=PL+•H\n•^}gpg\n•_`•
4\Y_HYJOHLV[HZ BWbeXWYj[h_kc•o\h]d}i•kp`_`i•qdqdm•di^gpnj•_`iomj•_`•gjn•
I]• n]i]• @mjqYj[`Y]glY• `ah• `kiejek• <j[`Y]Y• %Cecqn] ^mdno\g`n•_`•n\g•%q}\n`•Eiajmh\^dÅi•=_d^dji\g)•?\k~opgj•1)•
/+/5&•_kjpeaja•pnao•cnqlko•mqa•iqaopn]j•jkp]^hao•`eba* èç?p|ioj•kp`_`•qdqdm•pi\•`nkjm\<ê&+
2-• Q J E@ = @ • .• E • L mdi^dk dj n•_ ` • h d^ mj ] dj gj b ~\
lE+•Q]hao•knc]jeoiko•oa•`ajkiej]j•Yd[Ydz^adgk•u•_na_aj•]•
hko•r]hknao•`a•lE•i|o•ahar]`ko•`a•pk`ko•hko•knc]jeoiko•
_kjk_e`ko+
Bh•pan_an•cnqlk•`a•Bqnu]n_d]akp]o•ao•ah•`a•hko•panik*•
]_e`Åbehko)•mqa•ej_hqua•]•O`]jeghdYkeY(•qj•knc]jeoik•
mqa)•_kik•Hq[ghdYkeY•%Pa__eÅj•/+6&)•peaja•iai^n]j]•_e*•
pklh|oie_]•lank•_]na_a•`a•l]na`•_ahqh]n+• O`]jeghdYkeY•
_na_a•iafkn•]•pailan]pqn]o•ik`an]`]iajpa•]hp]o•u•]•lE•
^]fk+•Bj•ah•cnqlk•`a•hko•panik]_e`Åbehko•p]i^e}j•oa•ej*
_hqua•]•Ka[jgh`admk(•mqa•ao•ah•lnk_]nekp]•i|o•]_e`Åbehk•`a•
pk`ko•hko•_kjk_e`ko•%Q]^h]•/+.&+
2 YLUHYJOHLV[HZ
I]•i]ukn~]•`a•hko•ie_nkknc]jeoiko•_qhper]`ko•`a•aop]•
n]i]•okj•delanpaniÅbehko•%Cecqn]•/+/6&+•Bopko•knc]jeo*
iko•okj•mqeiekhepÅpnkbko•k•mqeiekknc]jÅpnkbko•u•_na_aj• B db p m\ •/+0.• =mlp`\n•\^d_Åadg\n•`som`h\n+
aj•]i^eajpao•`a•pailan]pqn]•p]j•ahar]`]•_kik•h]•mqa•oa• Ag•hd^mjjmb\idnhj•N^[hcefbWicW•^\m`^`•_`•k\m`_•^`gpg\m+•H\•
`apa_p]•aj•bqajpao•pani]hao•u•aj•h]o•_deiaja]o•de`nkpan* ^}gpg\•h d_`•Ö• Fdh•_`•_d|h`omj+
i]hao•`a•hko•bkj`ko•k_a|je_ko+•Bj•oq•i]ukn~]•okj•]j]a*
nk^eko)•lqao•`a^e`k•]•h]o•]hp]o•pailan]pqn]o•oqo•d|^ep]po• _qahhk•`a•^kpahh]•aj•aopq`eko•ok^na•`eranoe`]`•ie_nk^e]j])•
okj•p~le_]iajpa•]jÅte_ko•u•iq_dko•`a•ahhko•qo]j•_kik• u•laniepa•]j]hev]n•`ena_p]iajpa•hko•cajao•nOK>+
bqajpa•`a•ajanc~]•ah•de`nÅcajk•c]oakok•%E /&•mqa•aop|•lna* I]•]lhe_]_eÅj•`a•aopko•i}pk`ko•ikha_qh]nao•]h•aopq`ek•
oajpa•aj•aoko•]i^eajpao+ `a•h]•a_khkc~]•ie_nk^e]j])•eje_e]hiajpa•e`a]`ko•lkn•ah•
>hcqjko•ieai^nko•`a•h]o•@naj]n_d]akp]o•d]^ep]j•ia* ie_nk^eÅhkck•jknpa]iane_]jk•Kkni]j•M]_a)•laniepa•o]*
`eko•mqa•_kjpn]op]j•bqanpaiajpa•_kj•]i^eajpao•`a•pai* ^an•mqa•h]•`eranoe`]`•ie_nk^e]j]•ao•iq_dk•i]ukn•mqa•h]•
lan]pqn]•ahar]`]+•Mkn•afailhk)•iq_dko•lnk_]nekp]o•mqa• mqa•eje_e]hiajpa•oa•d]^~]•_kjoe`an]`k•ok^na•h]•^]oa•`ah•
oa• aj_qajpn]j• ailqf]`ko• lkn• h]o• _knneajpao• aj• i]n• _qhperk•aj•ah•h]^kn]pknek+•Aa•da_dk)•ah•iqaopnak•`a•ln|_*
]^eanpk•okj• @naj]n_d]akp]o7• oq•]i^eajpa•ao•_kilhap]* pe_]iajpa•_q]hmqean•d|^ep]p•oqaha•narah]n•mqa•h]•cn]j•i]*
iajpa•ktec}je_k•u•bn~k•%]lnktei]`]iajpa•0•Ñ@&+•>hcqjko• ukn~]• `a• hko• ie_nkknc]jeoiko• lnaoajpao• jqj_]• oa• d]•
@naj]n_d]akp]o•i]nejko•okj•mqeiekhepÅpnkbko•mqa•qo]j• hkcn]`k•_qhper]n•]jpao•aj•ah•h]^kn]pknek+•I]•behkcaje]•`a•
]ikj~]_k•%KE 0& •_kik•bqajpa•`a•ajanc~])•lank•oa•_kjk_a• aopko• knc]jeoiko• jk•_qhper]`ko)• _qu]•ateopaj_e]•oa•_k*
iqu•lk_k•]_an_]•`ah•iap]^kheoik•`a•aop]o•]nmqa]o•i]* jk_a•oÅhk•]•l]npen•`a•h]o•oa_qaj_e]o•`a•nOK>•lnaoajpao•aj•
nej]o+• Q]i^e}j• oa•d]j• `apa_p]`k• _naj]n_d]akp]o• aj• ah• ah•ia`ek•]i^eajpa•%Cecqn]o•/+.6•u•/+/5&)•oa•nabhaf]•aj•hko•
oqahk•u •aj•]cq]o•`qh_ao)•`a•ik`k•mqa•l]na_aj•aop]n•]i* |n^khao•behkcaj}pe_ko•_kik•n]i]o•`aoecj]`]o•_kj•hapn]o•k•
lhe]iajpa•`eopne^qe`ko•aj•h]•j]pqn]hav]+ jÇianko•aj•rav•`a•_kj•jki^nao•ie_nk^e]jko•l]n]•e`aj*
pebe_]n•h~ja]o•arkhqper]o+
; fwdakak•^adg _ ] f x la[ g • \ ] • [ge m fa\ Y\ ]k• Iko•naoqhp]`ko•`a•h]•a_khkc~]•ie_nk^e]j]•ikha_qh]n•
e a[jgZaYfYk• fYlmjYd]k d]j•oqlqaopk•qj•eilqhok•l]n]•ah•`ao]nnkhhk•`a•jqar]o•
Iko•ie_nk^eÅhkcko•_kjoe`an]j•mqa•d]op]•]dkn]•oÅhk•oa•d]• p}_je_]o•kneajp]`]o•]•hkcn]n•ah•_na_eieajpk•u •ah•_qhperk•aj•
hkcn]`k•_qhper]n•qj]•lamqaÄ]•bn]__eÅj•`a•]nmqa]o•u•`a• ah•h]^kn]pknek•`a•h]•cn]j•çi]ukn~]•jk•_qhper]`]é•`a•lnk*
^]_pane]o•naola_pk•]•hk•mqa•na]hiajpa•ateopa•aj•h]•j]pqn]* _]nekp]o)•_qu]•ateopaj_e]•_kjk_aiko•]_pq]hiajpa+•Bh•]j|*
hav]+•K k•k^op]jpa)•oa•_kjk_a•^]op]jpa•ok^na•h]•^ek`eranoe* heoeo•cajÅie_k•`a•h]o•]nmqa]o•u•^]_pane]o•jk•_qhper]`]o)•
`]`•`a•aopko•`kiejeko•`a^e`k•]•mqa•ao•lkoe^ha•na]hev]n• ia`e]jpa•h]•qpehev]_eÅj•`a•p}_je_]o•`a•cajÅie_]•]i^eaj*
]j|heoeo• behkcaj}pe_ko• ok^na• ah• nOK>• lnaoajpa• aj• qj]• p]h• $nwYfk]• Pa__ekjao• .0+.0• u • //+3&)• oqlkja• qj]• cn]j•
iqaopn]•j]pqn]h•oej•pajan•mqa•_qhper]n•]jpao•hko•ie_nkkn* ]uq`]•]•aopa•naola_pk)•lqao•ah•_kjk_eieajpk•`ah•_kjfqjpk•
c]jeoiko•mqa•_kjpeaja+•Pe•qj]•iqaopn]•`a•oqahk•k•`a•]cq]• _kilhapk•`a•cajao•`a•hko•knc]jeoiko•jk•_qhper]`ko•]•ia*
_kjpeaja•nOK>•naoqhp]•k^rek•mqa•`a^a•aop]n•lnaoajpa•ah• jq`k•narah]•oqo•lnklea`]`ao•iap]^Åhe_]o•u •oqceana•i}pk*
ie_nkknc]jeoik•]h•mqa•lanpaja_a•p]h•OK>•ne^koÅie_k+• `ko•l]n]•hkcn]n•oq•_qhperk•aj•_kj`e_ekjao•`a•h]^kn]pknek+
Mkn• p]jpk)• lk`aiko• ]eoh]n• pk`ko• hko• `ebanajpao• cajao•
nOK>•`a•`e_d]•iqaopn]•u)•ia`e]jpa•h]o•p}_je_]o•`ao_nep]o• / +. - • J ej enna r eo eÅj
aj•h]•Cecqn]•/+.3)•oa_qaj_e]nhko•u•kn`aj]nhko•aj•qj•|n^kh•
behkcaj}pe_k+• Aao`a•qj•lqjpk• `a•reop]• _kj_alpq]h)• aopk• @ `iomj•_`•=mlp`\n•n`•m`^jij^`i•_ jn•g~i`\n•
amqer]ha•]•mqa•lneiank•oa•]eoh]n]j•aj•_qhperk•lqnk•pk`ko• adgjb`i}od^\n•dh kjmo\io`n)•Apmt\m^c\`jo\n•t•
hko•ie_nkknc]jeoiko•`ebanajpao•`a•h]•iqaopn]•u•`aolq}o• ?m`i\m^c\`jo\n+• H\•m`^pk`m\^dÅi•t •`g• \i|gdndn•_ ` •gjn•
oa• atpn]fan]j• oqo• cajao• nOK>+• Bop]• aopn]pace]•ahq`a•h]• b`i`n•mNJ =•l p`•n`•j ] od`i `•_ ` •h p`nom\n•i\opm\g`n•c\•
ap]l]• `ah• _qhperk)• mqa•]• iajq`k• oqlkja•qj•ran`]`ank k` mh dod_ j •m`q`g\m•g\•`sdno`i^d\•`i• g\•i\opm\g`u\•_`
? \ k ~op gj •/ • E • Qi• ]m` q`•qd\ e` •k j m•`g• h p i _ j •h d^mj ] d\ i j • 2.
C• Ö= m vd•]k•dY•[YjY[l]jxkla[Y•e vk•\]klY[YZd]•\]d•_wf]jg•
BYdgZY[l]jame :•Ö K m w •_jm h g•\ ] •Yjim]Yk•hjg\m[]•]d•
_ Yk•fYlmjYd:•ÖK m w•]k•]d• _Yk•fYlmjYd•\ ]k\ ]•]d• hmflg•\]
jWi'•qj•p}niejk•mqa•ajchk^]•]•h]o•]hc]o)•hko•lnkpkvkko•u•hko•
dkjcko•ie_nko_Åle_ko+•>hcqjko•lnkpeop]o)•_kik•h]o•]hc]o•
%B db p m\ • / +0 0 \ &• okj•bkpÅpnkbko)• _kjpeajaj•_hknklh]opko•u•
lqa`aj• reren• aj• ia`eko• j]pqn]hao• ]• atlajo]o• `a•qjko•
_q]jpko•iejan]hao•%_kik•H)•M)•Jc)•K)•P&)•]cq])•@-/u •hqv+•
I]o•]hc]o•d]^ep]j•oqahko•u•ia`eko•]_q|pe_ko)•u•_kjopepq*
uaj•hko•lnk`q_pknao•lnei]neko•i|o•eilknp]jpao•`a•h]•j]*
pqn]hav]+•Iko•dkjcko•%Cecqn]•/+00Z%•_]na_aj•`a•leciajpko•
B db p m\ •/ +0 / • ó m]j g•adgjb `i }od^ j•_`•Ap^\mdjo\n+•=gbpi\n• bkpkoejp}pe_ko•u •lqa`aj•oan•qje_ahqh]nao•%har]`qn]o&•k•be*
`nk`^d`n•_`•`p^\mdjo\n•^ji•_dq`mb`i^d\•o`hkm\i\•^\m`^`i•_`• h]iajpkoko•%ikdko&+•Iko•dkjcko•okj•hko•lnej_el]hao•]caj*
jmb|ipgjn•_da`m`io`n•_`g•iÇ^g`j+•JÅo`n`•^Åhj•g\n•m\h\n•_`•gjn• pao• `a• ^ek`acn]`]_eÅj• aj• h]• j]pqn]hav]• u• na_e_h]j• h]•
jmb\idnhjn•npk`mdjm`n•%kg\io\n•t•\idh\g`n&•\k\m`^`i•\g•adi\g•_`g• i]pane]•knc|je_]•aj•hko•oqahko•u•aj•kpnko•a_koeopai]o+
|m]jg+•Jj•n`•di_d^\i•`i•`no`•|m]jg•oj_jn•gjn•bmpkjn•^jij^d_jn•_` I]o•_}hqh]o•`a•h]o•]hc]o•u•hko•dkjcko•lnaoajp]j•l]na*
`ao•_ahqh]nao)•lank•h]o•`a•hko•lnkpkvkko•jk•%Cecqn]•/+00_&+
2/ • Q J E@ = @ • .• E • L mdi^dk dj n•_ ` • h d^ mj ] dj gj b ~\
I]•i]ukn~]•`a•hko•lnkpkvkko•okj•iÅrehao•u•iq_d]o•aola*
_eao•oa•`eopne^quaj•aj•]i^eajpao•]_q|pe_ko•u•_kik•l]pÅ*
cajko•`ah•dki^na•u •`a•kpnko•]jei]hao+•> •hk•h]nck•`ah•|n^kh•
behkcaj}pe_k•`a•hko•aq_]nekp]o•oa•lnaoajp]j•`ebanajpao•pe*
lko•`a•lnkpkvkko+•>hcqjko)•_kik•hko•bh]cah]`ko)•okj•`a•
]l]ne_eÅj•pailn]j])•ieajpn]o•mqa•kpnko)•_kik•hko•_ehe]*
`ko•nalnaoajp]`ko•lkn•KYjYe][ame•%Cecqn]•/+00_&•okj•be*•
hkcaj}pe_]iajpa•lkopaneknao•%Cecqn]•/+0/&+
Iko•dkjcko•iq_koko•oa•l]na_aj•]•hko•lnkpkvkko•aj•mqa•
okj•iÅrehao•u •_]na_aj•`a•l]na`•_ahqh]n)•lank•`ebeanaj•`a•
ahhko•aj•oq•behkcaje]•u•lkn•ah•da_dk•`a•mqa•oqo•_}hqh]o•l]*
o]j•lkn•qj•_e_hk•`a•re`]•aj•mqa•h]o•_}hqh]o•iÅrehao•oa•]cna*
c]j•bkni]j`k•qj]•aopnq_pqn]•lhqne_ahqh]n•hh]i]`]•_qanlk•
bnq_pebe_]jpa)•mqa•knecej]•aolkn]o•mqa•oa•_kjranpen|j•aj•
jqar]o•_}hqh]o•iÅrehao+•Iko•dkjcko•iq_koko•okj•hko•lnk*•
peop]o•i|o•]jpecqko•mqa•i]jebeaop]j•qj]•_kklan]_eÅj•_a*
hqh]n•ja_ao]ne]•l]n]•bkni]n•aopnq_pqn]o•lhqne_ahqh]nao+
Iko•hemÇajao•okj•aopnq_pqn]o•h]iej]nao•mqa•_na_aj•]•
iajq`k•ok^na•nk_]o)•|n^khao•u•kpn]o•oqlanbe_eao• %B db p m\ •
/+01&+•Iko•hemÇajao•okj•qj•afailhk•`a•iqpq]heoik•ie*
_nk^e]jk)•qj]•oepq]_eÅj•aj•mqa•`ko•knc]jeoiko•reraj•fqj*
pko•l]n]•^ajabe_ek•`a•]i^ko+•Iko•hemÇajao•aop|j•bkni]`ko•
lkn•qj•dkjck•u•qj•ie_nkknc]jeoiko•bkpÅpnkbk)•^eaj•oa]•
qj•]hc]•%aq_]nekp]&•k•qj]•_e]jk^]_pane]•%lnk_]nekp]&+•Bh•
_kilkjajpa•bkpÅpnkbk•ao•ah•lnk`q_pkn•lnei]nek)•ieajpn]o•
mqa•ah•dkjck•lnklkn_ekj]•p]jpk•]j_h]fa•]h•oqopn]pk•_kik•
lnkpa__eÅj•bnajpa•]h•ia`ek+•Mkn•p]jpk)•hko•hemÇajao•d]j•
`ao]nnkhh]`k•_kj•}tepk•qj]•aopn]pace]•`a•ejpan]__eÅj•iq*
pq]•ajpna•`ko•ie_nkknc]jeoiko•iqu•`ebanajpao+
= g e ] f lY jag k•^afYd]k
Bopa•l]oak•lkn•h]•`eranoe`]`•ie_nk^e]j]•jko•lnklkn_ekj]•
oÅhk)•lkn•ja_aoe`]`ao•`a•aol]_ek)•qj]•lanola_per]•cajan]h•
B db p m\ •/ +0 1 • HdlÇ`i`n)•%\&•Qi•gdlp`i•\i\m\ie\_j•^m`^d`i_j•
ok^na•h]• `eranoebe_]`]•re`]•ie_nk^e]j]+• I]•na]he`]`•`a•
nj]m`•pi\•mj^\•t•%]&•jomj•\h\mdggj•m`^d`i_j•nj]m`•pi•omji^j•_`•
aop]•deopkne]•ao•iq_dk•i|o•h]nc]•u•_kjpejÇ]•aj•hko•@]l~*
|m]jg•`i•`g•L\mlp`•J\^dji\g•_`•U`ggjrnoji`)•QO=+•Ag•^jgjm•_`g•
pqhko• .1*.5+• Iko•renqo• jk• oa• d]j• _kjoe`an]`k• ]mq~• `a•
gdlp`i•n`•_`]`•\•gjn•kdbh`iojn•_`g•\gb\•lp`•ajmh\•k\mo`•_`•g\•
ik`k•ejpaj_ekj]`k)•lknmqa•jk•okj•_}hqh]o•%]qjmqa•na*
\nj^d\^dÅi•ndh]dÅod^\+•=_`h|n•_`•^gjmjadg\)•`g•\gb\•^jiod`i`•
mqean]j•_}hqh]o•l]n]•oq•iqhpelhe_]_eÅj•_kik•oa•ej`e_Å•aj•
kdbh`iojn•^\mjo`ijd_`n)•lp`•kp`_`i•n`m•_`•^jgjm•\h\mdggj)•
h]•Pa__eÅj•/+2&+•Bj•pk`ko•hko•`kiejeko•`a•h]•re`])•h]o•_}*
i\m\ie\)•h\mmÅi)•mjej)•q`m_`•j•hjm\_j+
hqh]o•lkoaaj•l]n|oepko•r~ne_ko•u•h]•`eranoe`]`•r~ne_]•oan|•
pn]p]`]•aj•hko•@]l~pqhko•.-•u•.6+
Pej•ai^]nck)•]jpao•`a•_kjpejq]n•_kj•qj•pn]p]ieajpk•
/+..• J ej enna r eo eÅj
i|o•`ap]hh]`k•`a•h]•`eranoe`]`•ie_nk^e]j]•`a^aiko•b]*
iehe]nev]iko•_kj•h]o•lnklea`]`ao•ikha_qh]nao•`a•h]o•_}* Hjn•h d^mjjmb\idnh jn•` p^\mdÅod^jn•ajmh \i• pi•b mp kj•
hqh]o+• Bj• ah• oecqeajpa• _]l~pqhk• eje_e]naiko• aopa• pai]• _dq`mndad^\_j•l p`•di^gpt`•g\n•\gb\n)• gjn•kmjojujjn•t •gjn•
at]iej]j`k•h]•_kilkoe_eÅj•mq~ie_]•`a•hko•_kilkjajpao• cjibjn+•= gbpi\n•\gb\n•t •cjibjn•c\i• _`n\mmjgg\_j•
_ahqh]nao)•u•jko•_ajpn]naiko•aola_e]hiajpa•aj•h]•mq~ie_]• \nj^d\^dji`n•_ ` •h pop\gdnh j•_`ijh di\_\n•gdlÇ`i`n+
`a•h]o•i]_nkikh}_qh]o•l]n]•lkjan•`a•i]jebeaopk•mqa•hko•
`ebanajpao•pelko•`a•_}hqh]o•`a^aj•oqo•`ebanaj_e]o•]•h]•ao* E • ? do`•\g• h `ijn•_ jn•_da`m`i^d\n•` iom`•g\n•\gb\n•t •g\n•
pnq_pqn]•u •bqj_eÅj•`a•oqo•i]_nkikh}_qh]o+•@kj•aop]•^]oa)• ^d\ij]\^o`md\n+
_kjpejq]naiko•aj•oq_aoerko•_]l~pqhko•ah•aopq`ek•`a•h]•ao* E • ? do`•\g• h `ijn•_ jn•_da`m`i^d\n•` iom`•g\n•\gb\n•t •gjn•
pnq_pqn])•iap]^kheoik)•_na_eieajpk)•u •caj}pe_]•`a•hko•ie* kmjojujjn+
_nkknc]jeoiko•_kj•ah•bej•`a•aop]n•iafkn•lnal]n]`ko•l]n]•
E • ç@`•l p}•h j_ j•n`•] `i`ad^d\i•h pop\h `io`•gjn•_jn•
]j]hev]n•`a•jqark•_kj•i|o•lnkbqj`e`]`•h]•`eranoe`]`•ie*
^jh kji`io`n•_`•pi•gdlp`i<
_nk^e]j]+
? \ k ~op gj •/ • E • Qi• ]m` q`•qd\ e` •k j m•`g• h p i _ j •h d^mj ] d\ i j • 20
] f
<j[`Y]Y6•qjk•`a•hko•`ko•`kiejeko•`a•hko• kpnko•knc|jqhko•heiep]`ko•lkn• M]na`•_ahqh]n7• aopnq_pqn]•n~ce`]•oepq]`]•
lnk_]nekp]o)•`eopejpk•`ah•`kiejek• iai^n]j]o+ lkn•bqan]•`a•h]•iai^n]j]•_epklh|oie_])•
=Y[l]jaY* @mcYjqY6•`kiejek•^ekhÅce_k•mqa•ej_hqua• mqa•lnklkn_ekj]•nece`av•]•h]•_}hqh]•u•h]•
>qpÅpnkbk7•knc]jeoik•_]l]v•`a•_na_an•_kj• pk`]o•h]o•_}hqh]o•aq_]neÅpe_]o+ lnkpaca•`a•h]•heoeo•koiÅpe_]+
`eÅte`k•`a•_]n^kjk•%@-/&•_kik•Çje_]• Brkhq_eÅj7• _]i^ek•]•hk•h]nck•`ah•peailk• Mh|oie`k7• ahaiajpk•caj}pe_k
bqajpa•`a•_]n^kjk+ `a•qj]•h~ja]•behkcaj}pe_]•mqa•knecej]• atpn]_nkikoÅie_k•mqa•jk•ao•ja_ao]nek•
=Y[l]jaY6• qjk•`a•hko•`ko•`kiejeko•`a•hko• jqar]o•aola_eao)•k•r]nea`]`ao•`ajpnk•`a• l]n]•ah•_na_eieajpk+
lnk_]nekp]o)•`ebanajpa•`ah•`kiejek• h]•aola_ea+ Mk`an•`a•naokhq_eÅj7• _]l]_e`]`•`a•qj•
<j[`Y]Y* BtpnaiÅb~hk7•knc]jeoik•_kj•_na_eieajpk• ie_nko_klek•l]n]•`eopecqen•`ko•lqjpko•q•
?]_pane]•cn]ijac]per]7• _}hqh]• Ålpeik•aj•qj]•k•r]ne]o•_kj`e_ekjao• k^fapko•iqu•lnÅteiko•u•ranhko•_kik•
lnk_]neÅpe_]•_qu]•l]na`•_ahqh]n• atpnai]o+ oal]n]`ko+
_kjpeaja•qj]•iai^n]j]•atpanj]•u• Cehkcaje]7•_kjfqjpk•`a•nah]_ekjao• Mnk_]nekp]7• _}hqh]•mqa•_]na_a•`a•jÇ_hak•
lalpe`kche_]jk•u•oa•peÄa•`a•nko]•aj•h]• arkhqper]o•ajpna•hko•knc]jeoiko+ `aheiep]`k•lkn•iai^n]j]•u•`a•kpnko•
pej_eÅj•`a•Dn]i+ CkpÅpnkbk7• knc]jeoik•mqa•qpehev]•h]•hqv• knc|jqhko+
?]_pane]•cn]ilkoeper]7• _}hqh]• _kik•bqajpa•`a•ajanc~]+ Kjgl]gZY[l]jaY6• qj]•cn]j•h~ja]•arkhqper]•
lnk_]neÅpe_]•_qu]•l]na`•_ahqh]n•aop|• Dajki]7• _kjfqjpk•`a•cajao•`a•qj• `a•=Y[l]jaY•mqa•ej_hqua•iq_d]o•^]_pane]o•
_kilqaop]•^|oe_]iajpa•lkn• knc]jeoik+ cn]ijac]per]o•_kiqjao)•_kik•
lalpe`kche_]jk•u•mqa•oa•peÄa•`a•ikn]`k• EapanÅpnkbk7• knc]jeoik•mqa•namqeana• @k[`]ja[`aY [gda*
aj•h]•pej_eÅj•`a•Dn]i+ _kilqaopko•knc|je_ko•_kik•bqajpa•`a• NqeiekhepÅpnkbk7• knc]jeoik•mqa•k^peaja•
@e]jk^]_pane]o7•lnk_]nekp]o•bkpÅpnkbko• _]n^kjk+ oq•ajanc~]•`a•h]•kte`]_eÅj•`a•
ktec}je_ko+ Jai^n]j]•_epklh]oi|pe_]7• ^]nnan]• _kilqaopko•ejknc|je_ko+
@epklh]oi]7• _kjpaje`k•_ahqh]n•mqa•oa• _kj•lania]^ehe`]`•oaha_per]•mqa• Nqeiekknc]jÅpnkbk7• knc]jeoik•mqa•
aj_qajpn]•`ajpnk•`a•h]•iai^n]j]• ajrqahra•ah•_epklh]oi]•u•hk•oal]n]• k^peaja•oq•ajanc~]•`a•h]•kte`]_eÅj•`a•
_epklh]oi|pe_]+ `ah•ia`ek+ _kilqaopko•knc|je_ko+
@nkikoki]7•ahaiajpk•caj}pe_k•mqa•hhar]• KÇ_hak7•aopnq_pqn]•nk`a]`]•lkn•qj]• Oe^koki]7• l]np~_qh]•_epklh]oi|pe_]•
cajao•aoaj_e]hao•l]n]•ah•bqj_ekj]ieajpk• iai^n]j]•mqa•_kjpeaja•hko•_nkikoki]o• `kj`a•oa•na]hev]•ah•lnk_aok•`a•o~jpaoeo•
`a•h]•_}hqh]+ aj•h]o•_}hqh]o•aq_]neÅpe_]o+ `a•lnkpa~j]+
Akiejek7• jerah•p]tkjÅie_k•i|o•ahar]`k• Kq_hake`a7•]cnac]_eÅj•bkni]`]•lkn•ah• Qej_eÅj•`a•Dn]i7•p}_je_]•`a•pej_eÅj•
`a•h]•_h]oebe_]_eÅj•^ekhÅce_]+ AK>•mqa•_kjopepqua•ah•_nkikoki]•`a•h]o• `ebanaj_e]h•ia`e]jpa•h]•_q]h•h]o•_}hqh]o•
Bj`koei^ekoeo7•lnk_aok•lkn•ah•mqa•h]o• _}hqh]o•aj•hko•`kiejeko•<j[`Y]Y•u• oa•peÄaj•`a•nko]•%cn]ijac]per]o&•k•`a•
iepk_kj`ne]o•u•hko•_hknklh]opko•oa• =Y[l]jaY* ikn]`k•%cn]ilkoeper]o&•aj•bqj_eÅj•`a•
knecej]nkj•]•l]npen•`a•ieai^nko•`ah• Lnc|jqhk7• aopnq_pqn]•nk`a]`]•lkn•qj]• oq•aopnq_pqn]•u•oq•lkoe_eÅj•behkcaj}pe_]+
`kiejek•=Y[l]jaY* qje`]`•`a•iai^n]j])•_kik•h]• Senqo7•ahaiajpk•caj}pe_k•mqa•_kjpeaja•
Bq_]nekp]7•_}hqh]•_kj•qj•jÇ_hak•nk`a]`k• iepk_kj`ne]•u•ah•_hknklh]opk)•hk_]hev]`]• AK>•k•OK>•u•oa•nalhe_]•aj•h]o•_}hqh]o8•
lkn•iai^n]j]•u)•lkn•hk•cajan]h)•_kj aj•ah•_epklh]oi]•_ahqh]n+ peaja•p]i^e}j•qj]•b]oa•atpn]_ahqh]n+
J j] _ m f lY k • \ ] • j] h Y k g
? b] j [ a[ ag k • h j w [ l a[ g k